E-commerce company Flipkart and Axis Bank, the third largest private sector bank in India, said their co-branded credit card “Flipkart Axis Bank Credit Card” has passed the two million Cards In Force (CIF) milestone. . Launched in 2019, the card offers convenience and benefits to its users with industry-leading cashback, features and seamless processes.
The companies said this co-branded product provides a simple and seamless onboarding experience and is designed to cater to both creditworthy consumer segments and those with limited access to formal credit cards. The card covers more than 18,000 PIN codes. Nearly one million cards issued in less than a year due to spike in online adoption and digital transactions.
Product features include 5% cashback on Flipkart and Myntra purchases, and 4% on top brands such as Cleartrip, Curefit, PVR, Tata 1Mg and Uber. There’s 1.5% cash back on all other spend, which is one of the highest in the industry. The card also offers a superior rewards experience with a hassle-free direct refund, which is reflected on the customer’s credit card statement.
“We are committed to providing our customers with innovative and secure services that improve both accessibility and affordability and the Flipkart Axis Bank Credit Card is a true testament to that,” said Dheeraj Aneja, SVP & Head – Fintech and Payments Group, Flipkart. “Indian consumers have evolved, and now more than ever there is a strong and growing desire to improve their lifestyle. Co-branded credit cards seek to exploit this potential by helping to increase consumer purchasing power. »
Flipkart and Axis Bank have continuously innovated digital solutions to simplify customer journeys. The card issuance process is end-to-end digital, paperless and includes video verification to speed up the KYC process. Currently, more than 40% of cards are issued without any physical intervention.
By introducing the “Card Console” function, this card sets new benchmarks in usability. This feature provides users with a single cockpit view of map information on the Flipkart app. Users can access monthly statements, view transactions, choose from bill payment options, increase credit limit, and set a limit for contactless payments and other monthly transactions. These amenities have led to increased customer engagement and increased usage with over 85% card activation within the first three months of card issuance.
“While a strong proposition started our journey, what kept customers engaged was the accessibility of all features and controls in one easy-to-use console, which is evident. issuance and usage metrics,” said Sanjeev Moghe, EVP & Head – Cards & Payments, Axis Bank. “We are dedicated to a digital-first approach with future-ready products for all customers across the country. »
While informal credit is still available in many forms today, many consumers still do not have access to credit offers from a formal institution. The Flipkart Axis Bank credit card aims to make formal lending and retail more inclusive.