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MUMBAI : HDFC Bank and Paytm on Monday announced plans to launch a range of credit cards powered by global card network Visa in October.

The credit cards will be customized to meet distinct needs of retail customers, from new-to-credit users to affluent users and offer one of the best-in-class rewards and cashback for users, it said.

The statement said that the launch is planned in October to coincide with the festive season to tap into potentially higher consumer demand for credit card offers, EMIs and buy now pay later options, with the full suite of products to be on offer by the end of December 2021.

With over 51 million credit cards, debit cards and prepaid cards and over 2 million merchants, addressing every market segment, every third rupee spent on cards in India happens on HDFC Bank cards, it said. The alliance will target deeper penetration in tier-II and tier-III markets and enable faster acceleration of digitized payments across the country.

Under the partnership, HDFC Bank and Paytm will introduce business credit cards, offering a host of benefits for merchant partners from the smaller cities and towns of India and enable them to get easier access to credit with instant and paperless approvals.

Bhavesh Gupta, chief executive, Paytm Lending, said the company is delighted to partner with HDFC Bank, and Visa, to launch a comprehensive suite of credit cards across customer segments, with special focus on millennials, business owners and merchants.

According to Parag Rao, group head (payments, consumer finance, digital banking & IT), HDFC Bank, the bank believes India's growth story is robust and this partnership is an effort on its part to enable consumption, particularly during festive season, which will further fuel the economic growth of the country.

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