India’s Reliance readies credit card debut – India’s most valuable corporation could soon join the rapidly expanding co-branded credit card market in the nation.
According to documents TechCrunch examined, Reliance is collaborating with the state-backed lender SBI to introduce two co-branded credit cards on the domestic Rupay network.
India’s Reliance readies credit card debut
According to the documents, the cards, known as the Reliance SBI Card, will come with a number of “exclusive” features, like coupons for Reliance Retail, the company’s retail chain, and savings on purchases at other Reliance establishments like Trends, Ajio, JioMart, and Urban Ladder.
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SBI briefly verified the cards’ existence on a page it later removed from the internet.
Reliance’s involvement in the credit card industry coincides with the opening of lending and insurance services by Jio Financial Services, a finance unit supported by Reliance. Jio Financial Services announced its ambitions to provide debit cards in its annual report earlier this month.
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The richest man in Asia, Mukesh Ambani, who owns Reliance Industries, has ventured into the financial services industry. Over the past twenty years, Reliance has entered and grown to dominate a number of industries, including telecom and retail. Recently, Reliance Retail received capital valued at $100 billion from various investors, including KKR.
