New Delhi: As it looks to broaden avenues for growth, GE Money India said on 23 July it is talking to big retailers including Bharti-Wal-Mart and Reliance for offering credit programmes such as the private label credit card it has provided to Tata Group.
A unit of the $106 billion General Electric Company, GE Money India has offered a Visa credit card to customers of various Tata-run businesses like Taj Hotels, Tata Motors, Westside and Tanishq. The use of the card will earn them reward points that can be instantly redeemed at other outlets of the group.
“We are talking to a number of retailers... looking for tie-ups with Bharti-Wal-Mart, Reliance Retail, Trinethra, Subhiksha, Spencer’s and the Future Group,” GE Money (India region) president and CEO Vishal Pandit told PTI.
He was optimistic about the tie-up with Bharti-Wal-Mart because of GE Money’s global relationship with the US retailer.
In 1998, GE Capital partnered State Bank of India to market, issue and service payment of cards under the brand, SBI Card.
While the joint venture with SBI continues, GE Money is looking to broaden the reach of its cards business to big retail chains.
The branded store-cards issued by GE Money to customers of large retailers would allow cardholders to earn rewards at all outlets of the companies.
Customers would also be eligible for special cardholder offers and advance notice of sale events, Pandit said.
This is one of the new strategies the company is following since it decided to exit consumer durables finance through mom and pop stores, he said.
“In India, we have 13 years of experience with proven capability of working with 5,000 retailers. We need to be in the areas of high growth and high profitability, which are personal loan, cars and mortgages,” Pandit said.
The new segment is expected to contribute significantly to the company’s target of achieving $8 billion in assets by 2010.
GE Money will simultaneously be present in the high growth and profitability segments such as personal and auto loans and mortgages.
Pandit also said there were plans to sell personal loans through the big retailers, besides through its own branch network.