SBM Bank and OneCard Partner Up to Launch Mobile-Based Credit Card
India’s SBM Bank announced that it’s teaming up with the country’s fintech giant OneCard to launch a mobile-based credit card. According to the bank, the card tailors to tech-savvy users who like to keep all their assets in digital format.
With this co-branded mobile credit card, OneCard will leverage Visa’s global acceptance and its technology. The card is powered by the smart OneCard app, which gives customers complete insight into all the features of their credit card. They can check the transactions, limits, rewards, expenditures, and more.
"This partnership is in sync with our smart banking mission to build products that meet specific consumer need gaps and provide innovative solutions through state-of-the-art platforms," said Neeraj Sinha, the head of retail and consumer banking at SBM Bank India.
Sinha also believes that the card acknowledges and celebrates India’s expanding digital ecosystem.
For his part, the co-founder and CMO at OneCard, Vibhav Hathi, echoed that sentiment and said that “empowerment and transparency are the two main aspects which the digitally savvy young consumers are seeking.”
“This corroborates our belief that they are hungry for credit cards which allow them to be in the driver’s seat, giving them full control. It is this desire we are meeting with our digital, flexible, transparent, and personalized cards. We endeavour to re-imagine every aspect involved in credit and payments from first principles while using modern technology," Hathi added.
This highly popular platform acquired more than seven million users in the two years since its launch. And this isn’t the first time that the company has come up with groundbreaking solutions. In 2019, it launched the OneScore app to help people monitor their credit health.
This mobile-based credit card stands out thanks to the fact that it gets instantly activated, unlike many of its counterparts. The in-app card is ready for usage immediately, and the physical card gets delivered in three to four days.
According to statistics published by ResearchAndMarkets, India’s credit card user base in 2019 consisted of 47 million people, and the market is still expected to grow at a CAGR of more than 25% between 2020 and 2025.
I have always thought of myself as a writer, but I began my career as a data operator with a large fintech firm. This position proved invaluable for learning how banks and other financial institutions operate. Daily correspondence with banking experts gave me insight into the systems and policies that power the economy. When I got the chance to translate my experience into words, I gladly joined the smart, enthusiastic Fortunly team.
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