Mumbai: Flipkart, India’s e-commerce market and Axis Bank, the third largest private sector bank in India, today announced that their co-branded credit card “Flipkart Axis Bank Credit Card” has reached the two million milestone cards in force (CIF). Launched in 2019, the card offers convenience and benefits to its users with industry-leading cashback, features and seamless processes.
This co-branded credit card offers a simple and seamless onboarding experience and is designed to meet the needs of creditworthy consumer segments as well as consumers who have limited access to formal credit cards. This card has one of the largest distribution coverage with over 18,000 PINs across India, with nearly 1 million cards issued in less than a year due to increased adoption online and digital transactions.
The card’s growing user base is a testament to consumer demand for innovative financing options and credit builds in an increasingly digital ecosystem. Its features include unlimited cashback on all purchases, as well as unlimited 5% cashback on Flipkart and Myntra, and 4% cashback with renowned brands such as Cleartrip, Curefit, PVR, Tata 1Mg, Uber, etc. . This also includes a 1.5% cashback on all other spend** which is one of the highest in the industry. The card also offers a superior rewards experience with a hassle-free direct refund, which is reflected on the customer’s credit card statement.
Flipkart and Axis Bank have continuously innovated digital solutions to simplify customer journeys. The card issuance process is end-to-end digital, paperless and includes video verification to speed up the KYC process. Currently, more than 40% of cards are issued without any physical intervention.
By introducing the “Card Console” function, this card sets new benchmarks in usability. This feature provides users with a single cockpit view of map information on the Flipkart app. Users can access monthly statements, view transactions, choose from bill payment options, increase credit limit, and set a limit for contactless payments and other monthly transactions. These amenities have led to higher customer engagement and increased usage with over 85% card activation within the first three months of card issuance.
Sanjeev Moghe, EVP & Head – Cards and Payments, Axis Bank said: “Axis has adopted an OPEN philosophy in all its activities, focusing on customer obsession. This co-branded card is a shining example of that philosophy. It is one of the leading co-brands in the industry and the growing scale and adoption is testament to its popularity. While a solid proposition started our journey, what kept customers engaged was the accessibility of all features and controls in one easy-to-use console, which is clear from the emission and use measurements. We are dedicated to a digital-first approach with future-ready products for all customers across the country. »
Dheeraj Aneja, SVP & Head – Fintech and Payments Group, Flipkart, said, “Flipkart has always been a forerunner in providing a holistic, affordable and seamless experience to customers through the platform. Over the years, it has become one of the favorite shopping destinations for millions of Indians. We are committed to providing our customers with innovative and secure services that improve both accessibility and affordability and the Flipkart Axis Bank Credit Card is a true testament to that. Indian consumers have evolved, and now more than ever there is a strong and growing desire to improve their lifestyle. Co-branded credit cards seek to exploit this potential by helping to increase consumer purchasing power. »
While informal credit is still available in many forms today, many consumers still do not have access to credit offers from a formal institution. The Flipkart Axis Bank credit card aims to make formal lending and retail more inclusive. Some of the card’s main features include:
5% unlimited cashback on Flipkart and Myntra
4% unlimited cashback on favorite merchants
· Provides 1.5% unlimited cashback for spending on any other merchant (online and offline)**
Customers also enjoy a fuel surcharge waiver on monthly fuel expenses
4 free access to lounges in various national airports (1 per quarter)