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August 23, 2019

HDFC Bank launches card range for millennials

Indian lender HDFC Bank has launched a new range of card offerings for millennials in partnership with Mastercard.

The range of cards includes credit, debit, prepaid and EMI variants to cater to diverse types of customers.

The move is driven to cater to the vast millennial population in India, which stands at 440 million – equivalent to around 34% of the country’s total population.

HDFC Bank country head of Card Payment Products, Merchant Acquiring Services and Marketing Parag Rao said: “Millennials are the future of our country and present a huge opportunity to us. I am very confident that this unique range of cards will not only complement their distinctive lifestyle, but also allow us to meet their evolving needs.

“The Millennia range of cards will allow this generation to do more today, without compromising on other aspects of their life.”

Each of the HDFC Millennia card variants comes with a series of benefits and offers including cashbacks on purchases.

According to local media reports, the bank plans to issue two million millennial cards in the next five years. It aims to increase the figure to ten million in another five years.

Mastercard president of South Asia division Porush Singh said: “Mastercard combines the best of safety standards with a seamless user experience and is increasingly transforming into a lifestyle and experience focused brand, which millennials value.

“Mastercard is delighted to partner with HDFC Bank for the launch of an exclusive range of cards targeting this segment.”

Last month, HDFC Bank launched a credit card for small traders and rural entrepreneurs. The card was launched in collaboration with Government of India special purpose vehicle (SPV) Common Services Centres (CSCs).

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