India is fast becoming the next hottest global market for the issuance of credit cards. Indians are embracing new ways to pay, and their desire to explore the world, shop widely, and diversify their spending has meant a surge in credit card penetration.
How can upcoming banks and fintechs take advantage of this trend without adopting costly modernising programmes? Through a co-branding strategy.
One in three new credit cards issued today are co-branded, and there are several reasons for that. Indians are intrigued by the prospect of specific savings in e-commerce, dining, travel, and fuel. Co-branded cards offer first-timers a chance to build a credit score.
Co-branded cards offer the best of both worlds to banks and fintech partners: customer acquisition is streamlined by providing app-based applications, paperless onboarding, and low entry barriers.
Benefits for FIs:
- Low customer acquisition cost
- Increased customer spending and activation
- Entry into untapped markets
- Increased brand visibility
- Reduced costs
Cost reductions for FIs:
- Marketing costs
- Fewer loyalty and reward programmes
- Processing fees
- Network fees
- Fraud protection
Pismo is set to publish a new whitepaper detailing the rise of India’s credit card market and what market participants can do to capitalise on this wave of opportunity. Featuring an in-depth analysis of the market and fundamental strategies to adopt, readers will discover:
- How to position their business to capture value
- The potential of India’s co-branded cards market
- Ways to adapt your organisation’s technology mindset
- Case studies in next-generation credit card deployment
Interested in our upcoming paper? Simply fill in the form below to have the document delivered to your inbox the moment it goes live:
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