Parag Rao, Group Head, Payments, Consumer Finance, Digital Banking and IT, said, “As India’s largest card issuing and acquiring bank, we aim to drive digitization in the country by engaging with all players in the banking and payments ecosystem. Committed to accelerating adoption.” HDFC Bank said, “This first-of-its-kind partnership for HDFC Bank will enable us to extend our best-in-class offerings in the card segment to Equitas Small Finance Bank customers and provide them with a highly rewarding credit card experience.”
HDFC Bank dominates both the card issuance and acquisition business. With more than 5.1 crore Credit Card, Debit Cards and Prepaid Cards, every third rupee spent on the card in India is on an HDFC Bank card. HDFC Bank has over 21 lakh acceptance points, making it one of the largest facilitators of cashless payments in the country.
Credit cards can be taken in two categories. The first category is ‘Excite Credit Card’ which offers credit limits from Rs 25,000 to Rs 2 lakh and the second category is ‘Elegance Credit Card’ which offers credit above Rs 2 lakh.
Murali Vaidyanathan, Senior President and Country Head – Branch Banking – Liabilities, Products & Wealth – Equitas Small Finance Bank Ltd said, “In the last five years, we have witnessed a paradigm shift in the industry. “There are countless success stories of people borrowing small amounts of money while building financial wealth and creating a formal financial footprint.”