City
Epaper

Federal Bank partners with OneCard to offer mobile-first credit card

By ANI | Updated: September 22, 2021 18:00 IST

Private sector lender Federal Bank on Wednesday announced a strategic alliance with OneCard and launched a mobile-first credit card that aims to provide a seamless digital experience to the young, tech-savvy population across the country.

Open in App

Private sector lender Federal Bank on Wednesday announced a strategic alliance with OneCard and launched a mobile-first credit card that aims to provide a seamless digital experience to the young, tech-savvy population across the country.

With OneCard, Federal Bank will target the young working professionals between 23 to 35 years, primarily representing the millennials and Gen Z.

The digitally native cohort is open to experimenting with new apps and have considerable disposable income.

According to the latest report by Deloitte, millennials and Gen Z alone comprise more than 35 per cent and 27 per cent respectively of the Indian population.

Shalini Warrier, Executive Director and Business Head of Retail at Federal Bank, said the lender has always believed in the strength of partnerships to expand reach to customers.

"OneCard comes with a strong customer proposition, backed by state-of-the-art technology and analytics. We are confident that this partnership will see the bank and OneCard scale new heights in the credit card business."

As of March 31, there were 62 million credit cards in the system which moved up to 62.4 million by the end of May.

The government's vision of a cashless society, digitalisation, developments in e-commerce and growth in POS infrastructure has encouraged the use of credit cards.

Credit card spends have expanded robustly, growing at a CAGR of 25 percent from fiscal 2016 to fiscal 2021, and growth is expected to continue to reach Rs 15 lakh crore in total credit card spends for fiscal 2024.

OneCard has been launched by FPL Technologies -- a fintech start-up which aims to digitally revolutionise credit and payments in India.

The company earlier launched the OneScore app in 2019, to empower people to monitor and manage their credit health in a simple, secure manner without any spam. The scoring platform is widely popular and has acquired more than 6 million users within just two years of its launch.

( With inputs from ANI )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Tags: Fpl technologiesShalini warrierFederal bankFederal bank ltd
Open in App

Related Stories

BusinessRCB Win IPL 2025 As Brands Celebrate Long-Awaited Glory After 18 Long Years

NationalMan held for duping people of Rs 40L on pretext of discounted flight tickets, visas

InternationalFederal Bank launches 'I am Adyar, Adyar is me' campaign in Chennai

BusinessSensex falls 670 pts amid sell-off in banking stocks

BusinessFederal Bank net profit jumps 67 pc in fourth quarter

Business Realted Stories

BusinessKarti Chidambaram backs India's firm rebuttal to Trump's tariff move

BusinessTrump threatens to 'substantially' raise tariffs on India for buying Russian oil 

BusinessTrump threatens to substantially raise tariff on India over Russian oil purchase

BusinessAdoption of EV in India slower than leading countries like US, EU, China: NITI Aayog report

BusinessAurobindo Pharma’s Q1 net profit falls 10 pc to Rs 824 crore