Mumbai: HDFC Bank on Thursday launched a new credit card in partnership with international hotel chain Marriott to capitalise on the soaring domestic and global travel by Indians and gain market share in the most profitable segment of retail lending. The card is a co-branded product with Marriott Bonvoy, Marriott’s customer loyalty programme. Diners Club International is the network partner.
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The bank aims to cash in on ‘revenge spending’ by customers on travel by launching this credit card, said Parag Rao, head of digital payments at HDFC Bank.
The bank’s second co-branded offering this fiscal comes after the launch of a card last month with the food delivery platform Swiggy.
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HDFC Bank is doubling down on its efforts to capitalise on rising consumer spending and grow its market share. It has claimed the top spot with 17 million users, after lagging for a few months.
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Average monthly spending through credit cards has doubled in three years from ₹60,000 crore a month in 2020 to ₹1.2 lakh crore a in 2023, RBI data show.
