Snapdeal, HDFC tie up launch e-commerce credit cards
Snapdeal, an online marketplace, and HDFC Bank on Monday launched a co-branded credit card in partnership with Visa. This partnership aims at encouraging more customers from tier-2 and tier-3 markets to adapt to digital payments.
“Over 70% of Snapdeal’s customers are from the tier-2 and 3 geographies, yet these markets account for a miniscule percentage of card payments,” the e-commerce firm said. “Cash on delivery (COD) is currently the preferred mode of payment due to challenges such as lack of access, and limited knowledge and understanding on credit card usage which restricts customers from making credit card transactions,” it said.
“The Snapdeal HDFC Bank credit card will help customers from tier-2 and 3 markets realise the power of technology which will provide them with the convenience and flexibility to complete payments online whenever they choose,” the company said. Snapdeal will also reward customers for making digital payments through the co-branded card.
“The application process for the card is simple, easy and quick, the company said. Prospective customers can apply for the card online across Snapdeal platforms i.e. Website, mobile site and application. For faster processing of application, the eligibility & CIBIL checks will be conducted instantly while customer is filling the application form.
“We are delighted to launch this new co-branded credit card with Snapdeal to cater to the changing needs and lifestyles of our customers, particularly in tier 2 and tier 3 cities,” said Parag Rao, Business Head – Card Payment Product & Merchant Acquiring Services, HDFC Bank.