Three influential brands --Flipkart, Axis Bank and Mastercard— recently came together to launch a co-branded credit card loaded with cashbacks and attractive benefits to enrich online shopping experience of consumers.
The co-branded credit card will empower online shoppers with greater choice, quality, experience and convenience, and in the meantime, also deepen the reach and credit card base of the stakeholders.
The launch of the exclusive credit card reiterates the focus of companies on digital payments, which are growing phenomenally in India. As per a study by Assocham-PwC India, digital payments in India presently stand at $64.8 billion and were expected to touch $135.2 billion in 2023.
“Though 90% of transactions in India are still processed in cash, we are seeing a sizable and undeniable shift towards digital payments. This has been spurred by the booming popularity of online shopping and e-commerce – which now account for over 40% of all digital payments in India – and are poised to grow even further in line with the Government of India’s efforts to drive digital adoption across the ecosystem. At Mastercard, we have been actively committed to enabling this drive towards a Digital India,” said Ari Sarker, Co-President, Asia -Pacific, Mastercard.
Meanwhile, the study noted that companies would also have to address security threats and build a system to thwart any kind of cyber-attacks.
In its efforts to make payments smooth, Mastercard has invested heavily on technology for safer payment processes. The global giant has spent over a billion dollars in the past three years, acquired several companies such as mobile phone safety firms Vocalink and Nudata for last mile connectivity without any lag or threats.
Tech for an enriched experience
Through various technologies such as Artificial Intelligence and EMV chip adoption, Mastercard continuously surveys network to identify and resolve attacks. For instance, in 2017, it prevented millions of dollars of fraud losses for issuers, acquirers, merchants and customers.
The company’s ‘customer-centric’ approach also gives an enhanced safety and security experience on mobile devices using AI.
For instance, the company has been facilitating P2M and P2P transactions with 100% accuracy and processes $7 trillion per annum. It also introduced Identity Check Mobile in 2017, allowing fingerprint, facial recognition and voice recognition for payments and their banking interactions.
In a nutshell, Mastercard has built its trust and stewardship with consumers and businesses through SafetyNet service, Spends Alerts and Controls, card lifecycle management and automated billing updater.
Exciting opportunity for businesses
Mastercard has been pioneering in safe digital payments by updating technology constantly, and this opens up exciting opportunities for businesses to co-brand with the leading payments brand.
By partnering with Mastercard, businesses can meet ever-evolving demands of the consumers and partner, and benefit from its analytics capabilities as well.
For almost two decades, Mastercard has been a leader in the co-brand category and currently supports more than 10,000 initiatives worldwide. The company opens businesses to a wide base of cardholders — from gift-givers, travellers, corporate and public sector employees to those who don't have access to traditional banking services. It also delves into customers’ spending habit, which is a data gold mine for businesses.
Mastercard co-branded cards enables companies to enter new market segments, create new customer relationships, generate more revenue and grow their business.
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