The partners, who first launched co-branded credit cards ten years ago, are trying to take advantage of the rise in debit card usage following the coronavirus pandemic and the reopening of cinemas across India.
Addressing the virtual press conference, Puneet Kapoor, President – Product, Alternative Channel and Customer Experience Distribution, Kotak Mahindra Bank said, The bank has been associated with PVR for more than 10 years and has been involved in the existing products of the two co-brands and Wants to add more. Kotak PVR Credit Card.
Adding that the Kotak PVR Co-branded Debit Card which is “India’s First Movie Debit Card” he said, “We are leveraging our partnership with PVR and also adding a unique Debit Card based on entertainment. ”
PVR CEO Gautam Dutta said cinema is by far the “cheapest way to entertain yourself for three hours and is the most sought after entertainment venue” and debit cards make it easily available.
“We cater to around 100 million people who come to the theatres. Our main audience is between 14 and about 35 (say the age of 35) and a debit offer, according to me, would work brilliantly because in India there are so many people, consumers do not qualify for one Credit Card, So it’s really a proposal that works with them.”
Dutta further added that the launch of the card comes at the right time when the film exhibition sector is showing strong signs of revival with easing of restrictions across the states and cinema enthusiasts can resume their film habits with a vibrant content pipeline in theatres. are.
Moreover, Kapoor said that the use of debit cards is also increasing after the pandemic, giving an opportunity to launch such co-branded debit cards for films.
“If we take February 2020 as a benchmark, we had about Rs 57 lakh crore spent on 82.3 crore debit cards. In September 2021, we had Rs 62 lakh crore spend on 92 lakh crore debit cards ,” They said. E-commerce as a percentage of total spend has grown by 5-10 per cent.
Kapoor said customers will earn reward points on all spends on the co-branded debit card, including 10 reward points for every Rs 100 spent at PVR Cinemas and 0.50 reward points for every Rs 100 spent on all other transactions which is equal to one reward point. 1 rupee
He said the Kotak-PVR co-branded credit card has around 3 lakh customers.