Kishore Biyani, Group CEO, Future Group is getting ready to enter the business of payment banking. The largest retailer is expected to apply for a license along with a slew of other retailers on January 6 next year.

“We are applying for a license to get into payment banking as it is an under-served market and are hoping to qualify for it,” said Biyani, on the sidelines of launching a co-branded credit card with the country’s largest public sector bank State Bank of India.

Future Group has over 300 outlets across the country which can be used for offering payment services.

Biyani, had recently said that the company has a large customer base as well as the technology in place to implement a payment bank.

Meanwhile, in a bid to push its fashion business further for its fbb (Fashion at Big Bazaar) format, the retailer has tied up with SBI cards for a co-branded credit card.

Targeting the youth

“We are targeting the youth through the launch of the co-branded credit card,” added Biyani.

Having sold its fashion business Pantaloon to the Aditya Birla Group, it is now building its fashion portfolio with its fbb brand of stores. The co-branding with SBI Cards is expected to help grow its fashion business further. Besides, fbb is also expected enter the e-commerce space.

In the past, Future Group had associated with ICICI Bank for credit card for women.

With a host of benefits, fbb-SBI style card will give a flat 10 per cent discount on all spends done at the 40 odd fbb stores and can also be used across the other formats like Big Bazaar and Food Bazaar.

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