SBI Card will identify consumer segments and offer them specialised credit card options to grow its business, according to Vijay Jasuja, CEO.
With over 3.2 million credit cards in the market, it is the second largest player in the segment with a 15 per cent market share.
Jasuja, who was in Chennai to launch SBI Card’s SimplyClick targeting the online customer, said recently it has also launched the SimplySave for the offline buyer.
Essentially, these are the regular credit cards with tailor-made offerings that support specific consumer segments.
SimplyClick features SimplyClick offers five times the usual number of points for online spends and 10 times when buyers shop online at partner sites. It has tied up with seven such partners – Amazon India, BookMyShow, FabFurnish, Food Panda, LensKart and Ola Cabs.
Quoting industry data, he said credit card spending online has nearly doubled to 40-45 per cent over the last two years.
SBI Card will create more such variants for different market segments and tap new technology such as contactless credit cards for small transactions, he said.
On GE Capital exiting the credit card joint venture, Jasuja said that it is a part of GE’s decision to exit financial services. However, over the course of the long partnership, SBI Card has gained technological and operational expertise.