BOB Financial Solutions Ltd (BFSL), the wholly-owned subsidiary of Bank of Baroda (BoB), and Snapdeal in partnership with National Payments Corporation of India (NPCI) and Japan’s JCB International Co. Ltd. have launched the “Snapdeal BoB JCB RuPay Credit Card”.
Users of the co-branded contactless credit card will receive up to 5 per cent unlimited cashback (accrued as 20 reward points on every ₹100 spent) on the Snapdeal app and website, per a joint statement by the four partners.
Activation of the co-branded credit card within 30 days of issuance will entitle the cardholder to shopping benefits on Snapdeal worth up to ₹500.
“The card also offers 10 Reward points per ₹100 spent on online, grocery and departmental store spends. For purchases in all other categories, customers will get 4 reward points for every ₹100 spent.
“The cardholders will also enjoy free Add-On cards for family members, waiver of 1 per cent fuel surcharge, easy EMI options (pre and post purchase), and periodic offers across merchants,” the partners said.
The card, which has been launched on the RuPay network by BFSL in association with JCB, will also be usable at international merchants and ATMs through the extensive JCB global network. JCB is the only international payment brand based in Japan.
Shailendra Singh, MD & CEO, BFSL, observed that the launch of the co-branded credit card with Snapdeal, in partnership with NPCI, comes at a time when both new customer acquisition as well as usage from smaller cities and towns continue to grow at an impressive pace.
“The challenges brought about by the pandemic have resulted in a rapid adoption of digital payments even in interior locations of the country. Our co-branded credit card will offer additional value to this large segment of customers that constitute Bharat,“ Singh said.
Himanshu Chakrawarti, President, Snapdeal, noted that Snapdeal’s target audience is the value-savvy, mid-income, price-conscious buyers who predominantly live in the smaller cities of India.
“The partnership between BOB Financial, NPCI and Snapdeal brings together parties with a deep understanding of this mega-segment of consumers and how they are evolving in terms of their use of technology and digital payments,” he said.