HDFC Bank announced a tie-up with PAYTM to start selling co-branded plastics before the onset of the festival season to regain lost ground in credit card segment.
New Credit card issuance was banned over 8 months in HDFC bank as a penalty for frequent outrages.
PAYTM already has a tie-up with foreign lender Citi under which co-branded credit cards are issued.
Bhavesh Gupta, The Chief Executive for PAYTM lending said, “With our technological capabilities, PAYTM’s merchant partners and India’s new-to-credit millennials will not able to build a healthy credit profile and gain access to opportunities available in the formal economy”. The launch of HDFC Bank-PAYTM co-branded card will be executed from next month, ahead of the festive season.