HDFC Bank Tops Market with Co-branded Growth: Tata Neu, Swiggy Cards Fly High

12 Jan 2024 , 01:25 PM

Recently, HDFC Bank’s cobranding strategy has been a huge boost to its credit card operations. According to an ET report, the private lender has issued over a million cards with the popular Tata Group app Tata Neu and about 120,000 with the leading foodtech company Swiggy.

Around August 2022, HDFC Bank revealed its collaboration with Tata Neu, and in July 2023, it announced its connection with Swiggy.

For background, the combined ICICI Bank and Amazon Pay credit cards are used by about 4.5 million people. 2018 saw the start of their collaboration.

According to the report, ‘the cards are being used mostly for grocery shopping, food delivery, purchase of electronic items, and bill payments.’

‘HDFC Bank is marketing these cards through its own distribution channels, both online and offline, in addition to using Swiggy or Tata Neu to attract customers. This contributed to the number’s exponential growth,’ the individual who talked to ET claimed.

As per the data provided by the Reserve Bank of India (RBI), HDFC Bank was the biggest significant lender with approximately 19.1 million credit cards issued by the end of November of last year. Approximately 96 million credit cards have been issued in the nation and are now in use.

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