HDFC Financial institution, the largest non-public sector financial institution in India, has partnered with Retailio, the Indian B2B pharma market, to roll out co-branded bank cards focused at pharmacies within the service provider phase, a report from Livemint mentioned Monday (Could 23).
HDFC mentioned that is more likely to cowl over 140,000 retailers in its first part and will likely be accessible to over 100,000 clients of Retailio from their present service provider base.
There will likely be a number of new options, similar to 50 days of interest-free credit score, reward factors, varied milestone advantages, 5% cashback on necessities like utility, telecom, authorities and tax funds, and no- or low-cost EMI choices for purchasers on their bank cards, together with time period mortgage eligibility.
Parag Rao, nation head of fee enterprise, shopper finance, expertise and digital banking with HDFC, mentioned the partnership will “prolong this collaboration additional into the pharma sector with a personalized product for retail pharmacies, distributors, and hospitals inside the Retailio service provider community.”
“Our goal is to assist enlarge the ecosystem via such collaborations, and finally supply a differentiated, tailored expertise for purchasers to fulfill their evolving wants,” he mentioned, based on the report.
See additionally: Paytm, HDFC Financial institution Associate To Present Shopper, Service provider Options
HDFC partnered final yr with Paytm, the FinTech platform, to debut new monetary options for Indian clients and retailers to assist increase digital transactions for semi-urban and rural components of India.
The deal was made as Paytm was readying for its IPO and it got here with new merchandise for digital funds, lending and level of sale (POS) options, the report mentioned.
That can embody providers like fee gateways, POS machines and credit score merchandise like purchase now pay later (BNPL) options.
Paytm and HDFC may even roll out a co-branded retail POS product.
Paytm Lending CEO Bhavesh Gupta mentioned the intention was to offer digital lending and fee options.
“This partnership will strengthen the monetary providers ecosystem by bringing collectively our expertise and digital options and HDFC Financial institution’s retail and credit score prowess,” he mentioned, based on the discharge.
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