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August 27, 2019

Freecharge introduces digital Visa credit card for millennials

Indian digital payments platform Freecharge has launched a digital Visa credit card in partnership with local lender Axis Bank.

The new offering is aimed at millennial generation of the country, providing them easy access to cash through the card.

Initially, the card will be offered to a select group of customers followed by a larger roll-out, The Hindu Business Line reported citing a company statement.

On the launch, Freecharge CEO Siddharth Mehta said: “Our entry into this space is driven by the quintessential requirement of easy availability of credit that allows the aspirational millennial to take spontaneous and independent decisions.”

Customers can receive the Freecharge digital credit cards by providing the details in the app. The credit card will be instantly added on their mobile phones.

It provides a 50 day credit period to the customer. Customers can use the digital offering to shop across ecommerce platforms as well as avail some exclusive deals.

The Freecharge credit card also allows the holders to pay for their purchases in instalments.

Axis Bank EVP and head of cards and payment Sanjeev Moghe was quoted by the publication as saying: “We are positive that this targeted product will contribute substantially to the Bank’s credit card portfolio.”

The Freecharge credit card launch follows the roll-out of similar offering by HDFC Bank, the largest private sector lender in India.

Last week, HDFC Bank introduced a new card range for millennials which includes credit, debit, prepaid and EMI variants.

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