An HDFC Bank Branch in Hyderabad, India. Credit: Jay.Here at English Wikipedia.

India’s HDFC Bank has partnered with digital payments firm Paytm to introduce co-branded credit cards powered by Visa.

The partnership plans to bring a range of offerings to target millennials, business owners and merchants.

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Each of the credit cards will be customised to meet specific requirements of the customer segments.

The companies plan to start launching the credit cards from next month when the festival season starts. The full suite is expected to be made available by the end of December 2021.

The partnership will focus on Tier II and Tier III markets to fuel the adoption of digitised payments across the country.

HDFC Bank Group Head of Payments, Consumer Finance, Digital Banking & IT Parag Rao said: “As India’s largest card issuing and acquiring bank, we are committed to accelerate the adoption of digitisation in the country.

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“We believe India’s growth story is robust and this partnership is an effort on Bank’s part to enable consumption, particularly, during festive season, which will further fuel the economic growth of the country.

“As a leader in the cards space, our objective is to help enlarge the eco-system through such collaborations, which ultimately offers a differentiated experience for customers.”

The move comes a month after HDFC Bank and Paytm entered into a strategic partnership to deliver financial solutions.

HDFC Bank is one of the biggest card issuers in India. According to the statement, it has issued more than 50 million credit cards, debit cards and prepaid cards.