By: Pune Pulse
November 1, 2023
Pune: The retail division of Reliance, owned by billionaire Mukesh Ambani, and SBI Cards and Payment Services (SBIC.NS) plan to introduce a co-branded credit card on India’s domestic RuPay payment network.
As per further information, in an effort to expand its already expansive oil-to-retail company, Ambani separately listed its financial services division months before Reliance’s entry into the credit card market with this alliance.
The SBI Card has the potential to attract clients by offering rewards across all 18,650 Reliance Retail outlets in India, particularly during the current credit card spending boom.
Spending is also predicted to increase during the current holiday season, which is when most big-ticket purchases are made by consumers.
As of September, credit card usage in the network has increased by around 20% year over year.
Reliance Retail, the parent company of Reliance Digital, JioMart, and Netmeds, will co-launch two card versions with SBI Card, the country’s second-best credit card issuer and primary lender State Bank of India.