Reliance partners with SBI to launch co-branded credit cards
What's the story
Reliance is gearing up to join the rapidly expanding co-branded credit card sector in India. The firm has collaborated with the State Bank of India (SBI) to launch two co-branded credit cards on the domestically developed Rupay network, according to TechCrunch. This development coincides with the growth of Reliance's financial services offshoot, Jio Financial Services Limited (JFSL).
Details
Exclusive benefits offered by Reliance SBI Card
The co-branded credit cards, called Reliance SBI Card, will provide users with "exclusive perks." This includes vouchers for Reliance Retail, the conglomerate's retail division, and spending discounts at various Reliance establishments like Reliance Trends, JioMart, Ajio, Urban Ladder, and more. The partnership's goal is to deliver added value and incentives for cardholders when they engage with the wide array of Reliance businesses.
What Next?
JFSL's expansion into debit cards
JFSL, a spin-off company from Reliance, is also broadening its scope into the lending and insurance sectors. As stated in its annual report earlier this month, JFSL is planning to enter the debit card market as well. This foray into multiple financial services highlights Reliance's increasing interest in diversifying its portfolio and capitalizing on India's flourishing financial industry.