E-commerce platform Snapdeal has partnered with Bank of Baroda subsidiary BOB Financial and NPCI to launch a co-branded contactless RuPay credit card. The co-branded credit card will be equipped with contactless features and will be offered on the RuPay platform.
The partnership aims to popularise the adoption & usage of credit cards among the growing number of online buyers from India's smaller cities and towns.
The Snapdeal-BoB co-branded contactless card, powered by RuPay will be rolled out to users by March 2022 and will provide a range of reward points and other benefits to the cardholders - both while they shop on Snapdeal and also when they use the card at other online and offline transaction points.
The partnership between Bank of Baroda, NPCI and Snapdeal bring together parties with a strong understanding of digitally-evolving Indian consumers, noted Snapdeal in an official statement.
"We are particularly delighted to partner with BOB Financial and NPCI for the launch of this credit card. Just like Snapdeal, both Bank of Baroda & RuPay have a deep connect with users in Bharat," said Himanshu Chakrawarti, President Snapdeal Limited.
"The synergies of this partnership will help accelerate the adoption of digital payments, especially amongst users living beyond India's metros and Tier 1 cities," he added.
Commenting on the partnership, Shailendra Singh, MD & CEO, BOB Financial said, "We continue to acquire more customers from non-metros and other smaller locations and believe that Snapdeal's close connect with buyers in those locations, along with Bank of Baroda's stature and distribution strength will provide the right opportunity to promote credit card usage among new users".
"We are delighted to associate with BOB Financial and Snapdeal to facilitate the issuance of co-branded Contactless credit cards on the RuPay platform for Snapdeal's value-conscious buyers," said Nalin Bansal, Chief of Corporate & Fintech Relationships and Key Initiatives, NPCI.
Snapdeal added that receives more than 86 per cent of its orders from outside metro cities, with more than 72 per cent of its orders come from buyers living in Tier 2+ cities & towns, each with a population of less than 1 million.
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