Axis Bank has launched a co-branded credit card in partnership with Samsung and Visa in India. Credit: Samsung.

Indian private sector lender Axis Bank is targeting the semi-urban and rural markets in the country with credit card offerings, MoneyControl reported.

The lender aims to cash on the opportunity offered by the rise in income in the semi-urban and rural markets. 

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The news comes alongside the announcement of the launch of a co-branded credit card in partnership with Samsung and Visa.

Commenting on the launch, Axis Bank managing director and CEO Amitabh Chaudhry said: “Through this co-branded credit card, in partnership with Samsung India and Visa, we are reiterating our commitment to drive access to formal credit in India, tapping the wide reach of Samsung India that extends beyond top 10 cities and aids our objective of card penetration into tier two and three cities.”

Samsung South-West Asia president and CEO Ken Kang said: “The Samsung Axis Bank Credit Card, powered by Visa, is our next big India-specific innovation that will change the way our customers buy Samsung products and spend on services through a series of industry-leading features.”

Axis Bank is said to be the fourth-largest player in the country’s credit card market with a more than 17% incremental market share in the last six months and 12% at the end of the quarter that ended in June this year. 

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In the June quarter, Axis Bank’s credit cards acquisition was up by four times at around 1 million in comparison with the year-ago period. 

Earlier this month, Axis Bank said it plans to raise capital after its $1.6bn deal to buy Citigroup’s retail banking business in the country.