In a special partnership, HDFC has joined hands with Snapdeal to offer co-branded credit card. This first of a kind partnership between an e-retail major and country’s major finance lender is slated to target users residing in small towns and cities. Currently, Snapdeal witnesses major sales from these small towns and cities.
By offering a co-branded credit card could be not only prove beneficial to the buyers but to the merchants as well. As perceived, this co-branded credit card can be considered as an apt communication and marketing initiative to reach out to more customers and build upon customer loyalty as well.
This can be considered a shift from the earlier format which encouraged tie-ups between credit card companies and traditional retailers. The rewards of which were passed on to the buyers in form of points and other benefits.
HDFC and Snapdeal have agreed upon a three year partnership for this venture while the cards will soon be available in four to six weeks to the customers.
Reference – https://retail.economictimes.indiatimes.com/news/e-commerce/e-tailing/snapdeal-and-hdfc-bank-tie-up-to-launch-co-branded-credit-card/46498636