Federal Bank companions with OneCard to launch mobile-based bank card

NEW DELHI :

Federal Bank on Wednesday introduced that it has partnered with fintech firm OneCard to launch a mobile-based bank card.

The launch comes forward of the festive season as Federal Bank goals to money in on client credit score demand, which is predicted to peak across the festive season on the again of financial revival.

The bank card shall be issued by means of the OneCard app in underneath three minutes, as per the corporate, and could be activated and used immediately in digital format till the bodily card will get delivered.

Users can management their playing cards by means of the app—from monitoring spends and rewards to setting transaction restrict on the cardboard and extra.

Federal Bank’s goal person base for this providing is younger working professionals aged between 23 and 35 years, as per the financial institution.

“This digitally native cohort is open to experimenting with new apps and have appreciable disposable revenue. According to the most recent report by Deloitte, millennials and Gen Z alone comprise greater than 35% and 27%, respectively of the Indian inhabitants. Federal Bank with its ‘Digital on the Fore and Human on the Core” mantra aims to become the most admired bank of every stakeholder and with the launch of this mobile-first credit card, the bank may be on its way to make inroads into this segment,” the financial institution mentioned in its assertion.

Demand for bank cards has been seeing a gentle rise through the years. Credit card spends have grown at a compound annual progress charge (CAGR) of 25% from monetary yr 2016 to monetary yr 2021 and are anticipated to succeed in ₹15 trillion in complete bank card spends for monetary yr 2024, as per the financial institution’s knowledge.

“Credit card is a extremely interactive monetary product and at OneCard we’re aiming to revisit its worth proposition by providing a extremely tech-enabled, custom-made expertise,” mentioned Anurag Sinha, co-founder and chief government officer, OneCard.

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