HDFC Bank, India’s largest private sector bank, has partnered with Retailio, India’s B2B pharmaceutical marketplace, to roll out co-branded credit cards aimed at merchant segment pharmacies, a Livemint report said on Monday (May 23).
HDFC said this is expected to cover over 140,000 merchants in its first phase and will be available to over 100,000 Retailio customers from their existing merchant base.
There will be several new features, such as 50 days interest free credit, reward points, various milestone benefits, 5% cash back on essentials such as utilities, telecom, government and tax payments, and free or low-cost EMI options for customers. on their credit cards, as well as term loan eligibility.
Parag Rao, Country Head of Payments Business, Consumer Finance, Technology and Digital Banking at HDFC, said the partnership “will extend this collaboration further into the pharmaceutical sector with a customized product for pharmacies in retailers, distributors and hospitals within the Retailio merchant network.”
“Our goal is to help expand the ecosystem through such collaborations and ultimately deliver a differentiated and tailored experience for customers to meet their ever-changing needs,” he said. declared, according to the report.
See also: Paytm Partners with HDFC Bank to Provide Consumer and Merchant Solutions
HDFC partnered with FinTech platform Paytm last year to launch new financial solutions for Indian customers and merchants to boost digital transactions in semi-urban and rural parts of India.
The deal came as Paytm prepared for its IPO and it came with new products for digital payments, lending and point-of-sale (POS) solutions, according to the report.
This will include services such as payment gateways, point-of-sale terminals, and credit products such as buy-it-now, pay-later (BNPL) solutions.
Paytm and HDFC will also roll out a co-branded retail POS product.
Paytm Lending CEO Bhavesh Gupta said the aim is to provide digital lending and payment solutions.
“This partnership will strengthen the financial services ecosystem by combining our technology and digital solutions with the retail and credit prowess of HDFC Bank,” he said, according to the statement.