Times Internet, the digital arm of the Times of India Group, and private sector lender HDFC Bank today entered into a partnership to launch co-branded debit cards.
This is the second co-branded card launched by Times Internet with HDFC Bank, after launching a (co-branded) credit card targeted at the entertainment segment in 2013.
"It's been three years since we made our foray into the transaction space, with the launch of Times Card, in association with HDFC Bank. With a customer base of nearly 4 lakh, it is today the fastest growing co-branded card," Times of India Group Managing Director Vineet Jain said here.
"Around the same time, Times Internet launched a digital loyalty programme, Times Points, to reward users who engage with our sites. We are bringing a co-branded debit card, the first of its kind in the country. It marries Times Internet's vision of enabling transactions, with the power of its loyalty programme," he told reporters.
The Times Points HDFC Bank Debit Card will offer customers the best deals in the online space as well as reward them for engaging with the Times Internet sites.
Times Internet has a reach of 171 million unique visitors a month, who collectively account for 2 billion visits, with 13 billion minutes spend across web and mobile.
"Today the Indian industry has approximately 800 million plastic in the hands of customers and that number is very soon going to touch 1 billion. Out of the 800 million, only 25 million is credit card...Almost 55 per cent of the spends which happen on mobile today are through a registered debit card and that number is growing," HDFC Bank Country Head Card Payment Products and Merchant Acquiring Services and Marketing Parag Rao said.
"While this is a physical form, we also have a virtual form of this product, which we will launch in 60 days, where customers can pull out their card or number and transact on the internet," he added.
The debit card will offer at least 10 per cent discount on online purchases across retail, groceries and dining space.
Customers will get a personal accidental death cover up to Rs 10 lakh, international air accidental death cover of Rs 50 lakh and zero liability cover up to Rs 1 lakh on fraudulent and skimming transactions.
The card will have a daily shopping limit of Rs 2.75 lakh and an ATM withdrawal limit of Rs 1 lakh.
HDFC Bank has 27 million debit card users at present and last year the lender's debit card spend grew nearly 40 per cent.
Disclaimer: No Business Standard Journalist was involved in creation of this content
