Snapdeal, a leading online marketplace and HDFC Bank Ltd. today launched a co-branded credit card in partnership with Visa. This partnership aims to encourage more customers from tier 2 and 3 markets to adapt to digital payments.
Over 70 percent of Snapdeal’s customers are from the tier 2 and 3 geographies, yet these markets account for a miniscule percentage of card payments. Cash on delivery (COD) is currently the preferred mode of payment due to challenges such as lack of access, and limited knowledge and understanding on credit card usage which restricts customers from making credit card transactions. Snapdeal, a customer oriented brand strives towards designing and implementing digitally and financially inclusive models of growth. The Snapdeal HDFC Bank credit card will help customers from tier 2 and 3 markets, realize the power of technology which will provide them with the convenience and flexibility to complete payments online whenever they choose. Snapdeal will also reward customers for making digital payments through the co-branded card.
The application process for the card is simple, easy and quick. Prospective customers can apply for the card online across Snapdeal platforms i.e. website, mobile site and application. For faster processing of application, the eligibility & CIBIL checks will be conducted instantly while customer is filling the application form.
Kunal Bahl, Co-Founder and CEO, Snapdeal said, “Snapdeal is committed to building India’s most impactful digital commerce ecosystem, and providing access to financial services to people across the country is very important for this. HDFC Bank is one of the most trusted private banks in the country and we are delighted to have partnered with them to launch this first of its kind co-branded credit card.”
“This card is a valuable addition to our financial services portfolio giving our customers across the country access to credit and will further power our journey towards building a Digital India,” he added.
Parag Rao, Business Head – Card Payment Product & Merchant Acquiring Services, HDFC Bank, said, "At HDFC Bank, enhancing customer convenience lies at the heart of all our new initiatives. We are delighted to launch this new co-branded credit card with Snapdeal to cater to the changing needs and lifestyles of our customers, particularly in tier 2 and tier 3 cities.”
“We are confident that it will be a valuable addition to our growing portfolio of products. Customers can now use this card to make all purchases, while availing of great value in the form of discounts, offers and rewards,” Rao said.