Axis Financial institution eyes larger bank card pie, ties up with Flipkart

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MUMBAI : Axis Financial institution, the fourth largest bank card issuer within the nation, Thursday tied up with e- commerce main Flipkart to launch a co-branded bank card and is aiming to promote 1 million of the brand new card in a 12 months.

The brand new co-branded card comes weeks after American lender Citi launched the same providing by tying up with funds main Paytm.

“We wish to be the quickest co-branded bank card to achieve the 1-million-mark. We must always do 1 million in a 12 months,” government vice-president for funds and playing cards Sanjeev Moghe instructed reporters. The financial institution has 6.17 million playing cards is use, making it the fourth largest issuer within the nation.

The brand new card comes with a slew of advantages, together with a 1.5% cash-back on each buy, and as much as 5% cash-back for service provider buying, together with on Flipkart and on its sister considerations like Myntra.

A Flipkart official current on the launch stated this isn’t a by way of media to “circumvent” the laws capping cash- backs for e-commerce firms.

A person should pay a becoming a member of charge of 500 and one other 500 as annual charge for the cardboard, which has a credit score restrict of 2 lakh. Analytics from Flipkart and Axis Financial institution can be used to determine credit score worthiness of an individual earlier than giving him/her the cardboard, officers stated, including the brand new card can be powered by Mastercard.

Mastercard’s Porush Singh stated numerous “questions are unanswered” on the federal government transfer to eliminate the service provider low cost price (MDR) and reserved his feedback on the matter pending readability within the matter.

Axis Financial institution managing director and chief government Amitabh Chaudhry stated with this providing, they wish to take management within the funds area however with out compromising on threat.

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