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.
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.
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.