Online marketplace Snapdeal and HDFC Bank Ltd. have announced the launch of India’s first co-branded ecommerce credit card. The ‘Snapdeal HDFC Bank credit card’ aims to encourage more customers from tier II and III markets to adapt to digital payments.
“Over 70% of Snapdeal’s customers are from the tier II and III markets, 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 said in a statement.
The Snapdeal HDFC Bank credit card will help customers from smaller towns realise 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.
“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,” said Kunal Bahl, co-founder and CEO, Snapdeal.
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, eligibility and CIBIL checks will be conducted instantly while a customer is filling the application form.
