Paisabazaar.com, India's largest online marketplace for loans and credit cards, announced today that it plans to issue 3.5 lakh credit cards through its platform in the next 12 months. Currently, Paisabazaar.com issues over 20,000 credit cards in a month and plans to reach an annualized run-rate of 4 lakh cards (33,000 cards issued monthly) by March 2019.
"As the market-leader platform, we have seen consumer confidence in using credit cards grow significantly over the last couple of years. Since credit cards are usually a starting point to build one's credit score through responsible behaviour, our aim is to enable our consumers to acquire the best cards in the most seamless way," Naveen Kukreja, CEO & Co-founder, Paisabazaar.com, said.
While Paisabazaar.com has an expert team that assists consumers through the entire buying journey, from helping choose the most-suited card to documentation pick-up to coordinating with the issuing bank, for the more digital-savvy consumers it has DIY technologies on its platform that enable consumers to complete the entire process online on their own in less than 5 minutes.
"Rank ordering cards according to a customer's eligibility, profile and needs, along with pre-approved offers and completely paperless and presence-less processes are some of the innovations we have built on the Paisabazaar platform to provide consumers customized solutions when he comes to us for a credit card," Naveen Kukreja added.
Paisabazaar.com offers over 150 credit cards from 13 banks to cater to varied consumer segments that visit its platform.
"American Express offers differentiated products and benefits, designed as per lifestyle needs. Our partnership with Paisabazaar.com has enabled us to efficiently and innovatively target the right consumer segments," said Balaji R Viswanath, VP - Digital Acquisition & New Initiatives, American Express.
"Paisabazaar and Standard Chartered Bank, both, share the same philosophy of continuously innovating through products and processes to delight consumers - something which has strengthened our partnership over the years," Shyamal Saxena, Head, Retail Banking, Standard Chartered Bank, India, said.