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India ’s fast - mature co - branded credit poster mart may soon see a new newcomer : the country ’s most valuable firm .
Reliance is process with the state - endorse lender SBI to set in motion two co - post credit cards on the homegrown RuPay web , accord to document reviewed by TechCrunch .
The cards , called Reliance SBI Card , will provide some “ undivided ” benefits , such as voucher for Reliance Retail ( the conglomerate ’s retail chain ) and discounts on disbursal at other Reliance properties , including Trends , Ajio , JioMart , and Urban Ladder , allot to the documents .
SBI briefly confirmed the existence of the cards on a World Wide Web page that it has since taken down .
Reliance ’s interest in the recognition card business organisation comes at a sentence when Jio Financial Services , a Reliance - backed finance social unit , haslaunched loaning and insurance policy businesses . In its annual report earlier this calendar month , Jio Financial Services tell it plan to found debit entry calling card .
The financial services is the newest sphere for Mukesh Ambani , Asia ’s rich man and who controls Reliance Industries . In the last two decades , Reliance has entered and scale several businesses , including retail and telecom , to tentpole military position . Reliance Retail wasrecently valued at $ 100 billionin funding from a number of investor , admit KKR .
Reliance ’s interest in the acknowledgment card business also follows Indian salt - to - steel pudding stone Tata Group found its own cards in partnership with HDFC . The Tata Neu mention cards have gained popularity in the preceding yr as Tata exposes consumers of its one business to another .
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mark of firms in India , including Paytm , Zomato , Swiggy , and Ola , have also launched co - brand acknowledgment cards in recent days . These cards give the firms an avenue to branch out their revenue streams , make better economic consumption of customer data point , and stir spending . The cards , often laden with tailor-make benefits , also deepen client allegiance and provide a lucrative gateway into the country ’s burgeoning middle - class market , bolster growth in a fiercely competitive landscape , analysts say .
However , these cards have also traditionally offer limited credit limits to consumer , something that has alienate their top - spend customer . Pune - headquarteredfintech unicorn OneCardis one of the few firms in India that has been capable to make inroads with some business leader users in the country with its co - branded credit circuit card .
