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ICICI Bank on Tuesday said that it has entered into an exclusive partnership with ‘Amazon Pay’ to launch a co-branded credit card, ‘Amazon Pay ICICI Bank Credit Card’.
This is the first credit card in the country to enable Amazon Prime members earn 5 per cent reward points on shopping on Amazon.in.
Other customers get 3 per cent reward points. They also earn 2 per cent reward points on spends at Amazon Pay partner merchants across categories such as food delivery, utility payments, movie ticketing and much more. This co-branded card is available on Visa platform.
Speaking to BusinessLine on the features of the co-branded credit card Sudipta Roy, General Manager & Head - Unsecured Assets & Cards, ICICI Bank, said that prominent proposition of this card is that each reward point is equivalent to a rupee which customers can redeem on Amazon.in from a catalogue of more than 160 million items available on the website or by paying merchants who accept Amazon Pay.
Customer base
Roy said that ICICI Bank’s partnership with Amazon was an exclusive tie-up and would be the only one for the bank in the retail e-commerce space. This move is expected to help significantly expand the credit card customer base for the bank, Roy said.
ICICI Bank is currently the third largest credit card issuer in the country.
In the just concluded September quarter, ICICI Bank’s total credit card spend grew whopping 33 per cent on a year-on-year basis. It had recorded 35 per cent growth in the first quarter.
Roy also said that the reward points carry other industry-first benefits too — they are uncapped and do not expire. Besides best in class rewards, customers will also get fuel surcharge waivers, No-cost EMI offers and surprise bonus points during sale events on Amazon.in and Amazon Pay partner merchants, he said.
Affordable online shopping
Vikas Bansal, Director, Emerging Payments, Amazon Pay, said “Our mission is to make online shopping more affordable and provide the best value to Amazon Pay customers. We believe this card will provide our customers another reason to choose Amazon Pay, the most trusted, convenient and rewarding way to pay. This festive season, customers can now look forward to more savings through this card.”
To begin with, this co-branded card is being offered on invitation to lakhs of ICICI Bank customers who use the Amazon.in app. The select customers will be able to see their invite on the Amazon app. They can apply for the card immediately to get a ready-to-use digital card instantly, in a completely digital and paperless manner.
Using the digital card, customers can immediately start shopping online, without having to wait for the physical card to arrive. The physical card is also sent to the customer by the bank within a few days.
Over the coming months, the ‘Amazon Pay ICICI Bank Credit Card’ programme will also be extended to other customers.
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