Jasper Infotech, which owns and operates online marketplace Snapdeal, has reportedly inked a three-year partnership with Indian private sector lender HDFC Bank to launch a co-branded credit card.
The co-branded Snapdeal-HDFC credit card, targeted at buyers in small towns and cities, will hit the market over the next four to six weeks, reported the Economic Times.
The deal will benefit the Delhi-based ecommerce firm with a significant portion of its $3bn annual gross merchandise sales being generated from tier-III and IV towns and cities.
A spokesperson for Snapdeal has confirmed the partnership while speaking to Economic Times but has refused to disclose the particulars of the deal.
Consumer, brand and retail advisory firm Franchise India Holdings chairman Gaurav Marya said: "Credit card companies have had a history of tying up with traditional retailers through which they pass on benefits and loyalty points, and this play (Snapdeal-HDFC partnership) is as much for consumers, as it is for retailers and bankers."