Flipkart and Axis Bank have partnered to launch a co-branded credit card. The credit card offers unlimited cashback both on online and offline spending.
The co-branded credit card will be powered by Mastercard. A joint statement by Flipkart, Axis Bank and Mastercard said. “This partnership is the latest effort from Flipkart, Axis Bank, and Mastercard to improve access to credit and further expand the fast-developing credit card ecosystem in India.”
Although this is the first co-branded card for the e-retailer, Flipkart had earlier partnered with Axis Bank back in 2016 for the launch of the Axis Bank Buzz credit card, which offers 5 percent discount on Flipkart purchases and other benefits. Notably, the Flipkart-Axis Bank co-branded credit cards will be available for select users in July.
Ari Sarker, co-president, Asia -Pacific, Mastercard, said, “Though 90% of transactions in India are still processed in cash, we are seeing a sizable and undeniable shift towards digital payments. This has been spurred by the booming popularity of online shopping and e-commerce – which now account for over 40% of all digital payments in India – and are poised to grow even further in line with the Government of India’s efforts to drive digital adoption across the ecosystem.”
According to Flipkart, the new Flipkart-Axis Bank Credit Card will provide 5 percent cashback on purchases made on Flipkart, Myntra, and 2GUD. Moreover, the credit cardholders will get 4 percent cashback on MakeMyTrip, Goibibo, Uber, and UrbanClap as well as 1.5 percent unlimited cashback on purchases made at all other retailers.
Other benefits of the Flipkart-Axis Bank Credit Card include welcome offers from several merchants, up to 20 percent discount at over 4,000 restaurants, airport lounge access, and fuel surcharge. Moreover, a user will have to pay a joining fee of Rs 500 and another Rs 500 as an annual fee for the card, which has a credit card limit of Rs 2 lakh.
Kalyan Krishnamurthy, CEO of the Flipkart Group, Said: “Through this co-branded credit card, in partnership with Axis Bank and Mastercard, we are reiterating our commitment to driving access to formal credit in India with an offering that will benefit the customer the most.”