HDFC Financial institution, the largest personal sector financial institution in India, has partnered with Retailio, the Indian B2B pharma market, to roll out co-branded bank cards focused at pharmacies within the service provider section, a report from Livemint stated Monday (Might 23).
HDFC stated that is prone to cowl over 140,000 retailers in its first part and can be accessible to over 100,000 prospects of Retailio from their present service provider base.
There can be a number of new options, reminiscent of 50 days of interest-free credit score, reward factors, varied milestone advantages, 5% cashback on necessities like utility, telecom, authorities and tax funds, and no- or low-cost EMI choices for patrons on their bank cards, together with time period mortgage eligibility.
Parag Rao, nation head of cost enterprise, shopper finance, know-how and digital banking with HDFC, stated the partnership will “lengthen this collaboration additional into the pharma sector with a personalized product for retail pharmacies, distributors, and hospitals inside the Retailio service provider community.”
“Our goal is to assist enlarge the ecosystem by way of such collaborations, and in the end provide a differentiated, tailored expertise for patrons to satisfy their evolving wants,” he stated, based on the report.
See additionally: Paytm, HDFC Financial institution Companion To Present Shopper, Service provider Options
HDFC partnered final 12 months with Paytm, the FinTech platform, to debut new monetary options for Indian prospects and retailers to assist increase digital transactions for semi-urban and rural components of India.
The deal was made as Paytm was readying for its IPO and it got here with new merchandise for digital funds, lending and level of sale (POS) options, the report stated.
That may embody providers like cost gateways, POS machines and credit score merchandise like purchase now pay later (BNPL) options.
Paytm and HDFC may also roll out a co-branded retail POS product.
Paytm Lending CEO Bhavesh Gupta stated the goal was to supply digital lending and cost options.
“This partnership will strengthen the monetary providers ecosystem by bringing collectively our know-how and digital options and HDFC Financial institution’s retail and credit score prowess,” he stated, based on the discharge.