Amazon Pay also plans to offer a host of other fintech services, including mutual funds, in due course.
ICICI Bank just recenlty announced that it has gone into a special exclusive partnetship with ‘Amazon Pay’ launch a co-branded credit card, ‘Amazon Pay ICICI Bank Credit Card’.
This is the first credit card in the country to enable Amazon Prime members earn 5 per cent reward points on shopping on Amazon.in.
Other customers and users get 3 per cent reward points. They additionally win 2 percent remunerate focuses on spends at Amazon Pay accomplice dealers crosswise over classifications, for example, food delivery, utility payments, movie ticketing and much more. This co-branded card is available on Visa platform.
Addressing to the newspaper BusinessLine on the features of the co-branded credit card Sudipta Roy, General Manager & Head – Unsecured Assets & Cards, ICICI Bank, said that prominent proposition of this card is that each reward point is equivalent to a rupee which customers can redeem on Amazon.in from a catalogue of more than 160 million items available on the website or by paying merchants who accept Amazon Pay.
Roy said that ICICI Bank’s partnership with Amazon was an exclusive tie-up and would be the only one for the bank in the retail e-commerce space. This move is expected to help significantly expand the credit card customer base for the bank, Roy said.
ICICI Bank is at present the third biggest Visa insurer in the nation.
In the simply finished up September quarter, ICICI Bank’s aggregate Visa spend became walloping 33 percent on a year-on-year premise. It had recorded 35 percent development in the primary quarter.
Roy additionally said that the reward focuses convey other industry-first advantages as well — they are uncapped and don’t terminate. Other than best in class rewards, clients will likewise get fuel additional charge waivers, No-cost EMI offers and surprise bonus points during sale events on Amazon.in and Amazon Pay partner merchants, he said.
Affordable and safe internet shopping
Vikas Bansal, Director, Emerging Payments, Amazon Pay, said “Our mission is to make online shopping more affordable and provide the best value to Amazon Pay customers. We believe this card will provide our customers another reason to choose Amazon Pay, the most trusted, convenient and rewarding way to pay. This festive season, customers can now look forward to more savings through this card.”
Regardless, this co-branded card is being offered on welcome to lakhs of ICICI Bank clients who utilize the Amazon.in application. The select clients will have the capacity to see their welcome on the Amazon application. They can apply for the card quickly to prepare a to-utilize advanced card in a split second, in a totally computerized and paperless way.
Utilizing the computerized card, clients can instantly begin shopping on the web, without sitting tight for the physical card to arrive. The physical card is likewise sent to the client by the bank inside a couple of days.