The co-branded digital fashion and lifestyle credit card has been launched in collaboration with Kotak Mahindra bank
Bengaluru: Online fashion marketplace Myntra has partnered with Kotak Mahindra Bank to launch a co-branded digital fashion and lifestyle credit card, the companies said in a joint press release on Thursday.
The Kotak Myntra credit card can be availed from Myntra as well as Kotak mobile applications. Existing Myntra customers will be able to apply for the card from the Myntra app itself. The credit card will be available on MasterCard and RuPay networks.
The credit card features 7.5% instant discount on unlimited transactions on Myntra, complimentary access to Myntra Insider, 5% cashback on any purchases with platforms such as Swiggy, Swiggy Instamart, PVR, Cleartrip and Urban Company, 1.25% cashback on any other card spends, quarterly milestone of two PVR movie tickets and Rs. 500 e-voucher on card activation.
“As the first-of-its-kind card in the industry, the Myntra co-branded credit card will be dedicated to fashion shoppers across metros, tier 1, tier 2 and 3 cities, creating stickiness and excellent brand recall,” said Santosh Kevlani, vice president, partnerships and monetization at Myntra.
“With this collaboration, we aim to enhance our customers’ shopping experience on Myntra by offering them a rewarding payment option,” Kevlani added.
Speaking about the card, Frederick Dsouza, business head, credit cards, Kotak Mahindra Bank Ltd. said, “The credit card has been designed with exclusive privileges and unmatched benefits tailored to the lifestyle and fashion shopping habits of our target customers.”
The card will be promoted across multiple touchpoints ranging from the Myntra app, social to digital platforms, digital assets of the Kotak Mahindra Bank, along with other offline marketing channels, the release added.
“The Kotak Myntra credit card is a game-changer in the fashion and lifestyle space, offering benefits to consumers who enjoy shopping the wide collection at Myntra,” said Aditya Murthy, vice president, digital partnerships, South Asia, Mastercard.
Kotak Mahindra Finance Ltd. received banking license from the Reserve Bank of India and became the first non-banking finance company in India to convert into a bank. As on 31 March 2023, the company had a national footprint of 1,780 branches and 2,963 ATMs.
Bengaluru-based online marketplace Myntra was founded in 2007 and the company was acquired by Flipkart in 2014. Currently, Myntra houses over 6,000 Indian and international fashion and lifestyle brands on its platform and services over 19,000 pin codes across the country.
Recently, Myntra introduced MyFashionGPT, powered by artificial intelligence chatbot ChatGPT, to enable natural language-based queries for product discovery. Read more about it here.
