RBL Bank, Zomato Launch Co-Branded Credit Card Offering Cash Back, Loyalty Membership Benefits
RBL Bank Ltd. and Zomato on Monday launched a co-branded credit card, powered by Mastercard, in a bid to tap the potential of the online food delivery market which has been expanding beyond big cities.
The co-branded card, which comes in two variants -- Edition and Edition Classic, will offer benefits such as Zomato Gold membership, cashback as well as airport lounge access. Customers will get Zomato credits on every use, both online and offline.
With this launch, RBL Bank hopes to further scale its operations in the rapidly growing credit card business, while Zomato and Mastercard will reach untapped customer segments, the companies' officials said here at the launch. RBL Bank has over 25 lakh credit cardholders currently.
The partnership, an addition to the lender's co-branded credit card business, will be beneficial as online food delivery has witnessed a growing trend, Utkarsh Saxena, Head Products-Credit Cards, RBL Bank said. He said it will be a huge opportunity for the bank to offer an innovative experience for its customers.
Pradyot Ghate, Vice President - Product, Payments and Partnerships, Zomato said, "The Edition Cards have been specially made for those who are always exploring food across the globe...a unique co-branded credit card which rewards card holders with every transaction - be it on the Zomato app or at a restaurant."
Mastercard's Senior Vice President, Market Development, Rajeev Kumar said the company is increasingly tapping the co-branded space, and more millennials are adopting credit cards in tier-II and III cities. "With evolving lifestyles and preferences, an increasingly large number of Indian consumers are ordering food online. A co-brand card proposition has the potential to provide significant value to consumers," he said.