Patanjali Ayurved Limited (PAL) and Punjab National Bank (PNB) on Wednesday launched co-branded contactless credit cards in partnership with the National Payments Corporation of India (NPCI). The credit cards are offered on NCPI's RuPay platform and are available in two variants - PNB RuPay Platinum and PNB RuPay Select.
Platinum card offers a credit limit of Rs 25,000 to Rs 5 lakh and Select Card offers credit limit of Rs 50,000 to Rs 10 lakh.
"Starting the new year on a positive note, both the co-branded cards come with a host of attractive benefits and spend-based waivers for the customers," NPCI said in a statement.
Here are the benefits, specifications:
-The contactless credit card service will enable users to purchase day-to-day Patanjali products, along with cash backs, loyalty points, insurance cover, and more.
-The cardholders can get cash back @2 per cent for transactions over and above Rs 2,500, subject to a ceiling of Rs 50 per transaction at Patanjali Stores.
-Further, PNB RuPay Platinum and PNB RuPay Select cardholders will receive a welcome bonus of 300 reward points on activation.
-Additionally, the customers will get complimentary domestic and international airport lounge access, PNB Genie Mobile Application for card management, add-on card facility, reward points on spends, along with cash advance/revolve, EMI, and auto-debit facilities.
-Further, these credit cards come with insurance cover of Rs 2 lakh and Rs 10 lakh, respectively for accidental death and personal total disability.
-Platinum card offers a credit limit of Rs 25,000 to Rs 5 lakh and Select Card offers credit limit of Rs 50,000 to Rs 10 lakh.
-The Platinum version comes with a zero joining fee and an annual fee of Rs 500, while the Select version offers a low joining fee of Rs 500 and an annual fee of Rs 750.
-The annual fees will be waived off in case of the card is used at least once in each quarter in the preceding year.
Commenting on the collaboration, Acharya Balkrishna, Managing Director of Patanjali Ayurved Limited, said, "The synergies of this partnership will help accelerate the adoption of digital payments, especially amongst users in deeper tier-2 and tier-3 markets. Other than the attractive benefits, the most important feature is the interest-free purchases of Patanjali products for 20-50 days."
Yoga guru Ramdev also said, "With an ever-changing lifestyle, people are more willing to buy products online. In such a time, this alliance with PNB and RuPay will provide the right opportunity to promote credit card usage among new users. This initiative will enable a seamless and safe shopping experience for customers at large while purchasing Patanjali products."
Moreover, Praveena Rai, COO, NPCI added, “We are pleased to associate with Punjab National Bank and Patanjali Ayurved for the launch of co-branded RuPay contactless credit cards. We believe these cards will provide a unique and memorable shopping experience for millions of PNB and Patanjali customers as it caters to their healthy lifestyle needs."
Atul Kumar Goel, MD and CEO of PNB, said “ The benefits under co-branding arrangement enriched with lucrative value propositions are one of the industries best aesthetically designed variants. We look forward to have a delightful experience for our customers with this collaboration on board.”
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