Money & Banking

SBI Card enters into strategic partnership with American Express

KR Srivats New Delhi | Updated on September 29, 2020 Published on September 29, 2020

The tie-up will bolster SBI Card’s premium portfolio, says SBI Card CEO Tewari

SBI Card, the country’s largest pure play credit card issuer, and American Express have entered into a strategic partnership to offer a powerful mix of global benefits and exclusive privileges for discerning consumers in India.

With this partnership, SBI Card`s top end premium products — SBI Card ELITE and SBI Card PRIME — will be available on American Express’ global merchant network.

Designed for the premium segment of credit card users in India, SBI Card ELITE and SBI Card PRIME on the American Express platform combine unmatched benefits from both partners to offer consumers an enhanced premium experience.

Premium focus

Speaking to BusinessLine about the partnership, Ashwini Kumar Tewari, MD and CEO, SBI Card, said: “Our partnership with American Express will enable us to bring a powerful and unique value proposition to our aspiring affluent and premium consumer segment. This alliance is another step in our efforts to bolster our premium portfolio, making our diverse portfolio of mass to premium more comprehensive and robust.”

The partnership with American Express has been forged with a broader vision to create more premium products leveraging American Express’s strength as a global player in travel and lifestyle categories, Tewari said.

Currently, the premium segment contributes about 15 per cent to SBI Card’s portfolio in terms of cards outstanding. “This segment remains a key focus area for us and we seek to further expand our strength in the space, by launching new products, including in super premium segment. This partnership is a strategic step in that direction, and will enable SBI Card to capitalise on premium brand positioning of American Express while offering an enhanced experience to higher strata of the premium customer segment”.

Differentiated products

Pierric Beckert, President, American Express Global Network Services, said: “Around the world, American Express partners with banks that share our commitment to superior customer service and providing quality products to customers. Our issuing partnership with SBI Card will enhance the service and value proposition for Indian consumers and significantly expand our footprint in the country. Together, we will create appealing and differentiated products to meet the needs of a wide set of Indian consumers.”

He said that all partner bank-issued cards enjoy acceptance worldwide on the American Express network. They come with contactless technology for greater convenience and safety of usage, especially given the current circumstances (Covid-19), Beckert told BusinessLine.

There is enhanced online protection through authentication via SafeKey feature. In addition, card-members are protected as Amex employs robust fraud prevention techniques to ensure the lowest fraud rates in the industry.

Asked if SBI Card was the first issuer in India with which a strategic partnership of this nature was being entered into, Beckert said that American Express has had a long standing presence in the India market — first through its partnership with ICICI Bank since 2003, as well as a partnership with IndusInd Bank since 2012.

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Published on September 29, 2020
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