India’s fast-growing co-branded credit card market may soon see a new entrant: the country’s most valuable firm.
Reliance is working with the state-backed lender SBI to launch two co-branded credit cards on the homegrown Rupay network, according to documents reviewed by TechCrunch.
The cards, called Reliance SBI Card, will offer some “exclusive” benefits, such as vouchers of Reliance Retail, the conglomerate’s retail chain, and discounts on spendings at Reliance Trends, Ajio, JioMart, Urban Ladder and other Reliance properties, according to since-deleted pages on SBI website.
Reliance’s interest in the credit card business comes at a time when its financial services spin-off firm, JFS, has launched lending and insurance businesses. In its annual report earlier this month, Jio Financial Services said it plans to launch debit cards.