Money & Banking

HDFC Bank, Walmart India to launch co-branded credit card

Our Bureau Hyderabad | Updated on December 02, 2019

In a first for both—HDFC Bank and Walmart India have joined hands to launch a co-branded credit card to over a million members (mostly Kiranas) of the latter’s, Best Price Modern Wholesale format in the country.

Atthe national launch at Walmart’s store in Hyderabad, Krish Iyer, it’s India President & CEO, Parag Rao, Country Head, Payments Business of HDFC and Annie Zhang, Regional Managing Director, APAC of Discover Financials and Diners Club International participated.

Not just the ease of payment in the digital mode, but the co-branded card will provide incentives like 18-50 day credit, rewards and cash backs to the members. The card was launched simultaneously at all the 26 other best price stores in the country.

Krish Iyer said, with 27 stores in nine States opened in a decade in India, Walmart is on road to its expansion plans. The next store will be opened in Kurnool in Andhra Pradesh in a week, he announced.

To questions, he clarified that the initiative of Flipkart-Axis Bank card was different as Walmart is an investor in Flipkart and it was a separate entity. He also did not field questions on its losses of late.

The co-branded card will enable registered members of Walmart India to pay for their purchases, in addition to other payment solutions available to them. The effort is also a push to adoption of digital payments in the country, he added.

The Card is being supported by Diners Card International which has acceptance of its own membership card in 185 countries and is among the first to offer Cards, way back in the 1950’s said Annie Zhang.

Parag Rao of HDFC said the offering to the large number of retailers through the card is in line with the company’s strength and growth in the small & medium enterprises sector, which is a backbone for the economy. He did not feel the slowdown in the economy will impact much on their portfolio in the sector.

Published on December 02, 2019

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