After releasing India’s first interactive credit card last Nov. 2018, IndusInd Bank now partners with the country’s largest multi-brand loyalty program, PAYBACK for a new credit card.
What’s great about this card is, customers don’t just earn PAYBACK points but also get the chance to get additional points on transactions at partner brands. Customers who love to shop at these partner stores can double their points by using the new credit card.
The said points will be automatically transferred to the cardholder’s account and can be redeemed for dining, shopping, entertainment or plane tickets. Moreover, this new credit card is also powered by Visa’s payWave technology, which allows customers to make payments by simply waving the card into the terminal.
India’s Growing Credit Card Market
In January 2018, there are a total of 36.2M credit cards and 846.7M debit cards in India, according to the Reserve Bank of India. The growing number of people using cards are growing rapidly, with more banks and financial institutions launching more cards with tons of benefits.
Between January 2017 and January 2018, the number of cards grew about 7.39M for credit cards and 28.72 M for debit cards. The increase to these numbers began when India demonetized Rs 500 and Rs 1000 notes. Due to this phenomenon, people are forced to open debit and credit cards due to the unavailability of cash. In fact, the number spiked during the months of November, December and January 2017 due to a series of celebrations like Milad un-Nabi, Hanukkah and December Solstice.
Meanwhile, experts like Sudipta Roy claimed that this phenomenon can be backed by millennials’ financial behaviour. According to Roy, “Millennials don’t want to postpone gratification, whether it is a holiday or a new smartphone”.
Furthermore, everything gets so easy with the credit and debit cards, especially those monthly instalments.