a mobile-based credit card, in collaboration with Fintech Company OneCard, with the aim of simplifying transactions and avoiding unnecessary delays and costs linked to credit cards. Accordingly, the OneCard app will issue the credit card under three minutes, which can be activated immediately, and be utilised in virtual format until the physical card is delivered.
“This digitally native cohort is open to experimenting with new apps and have considerable disposable income,” the Federal Bank said in a statement, adding that the product was launched with hopes to attracting younger populations, who account for more than 60 per cent of the Indian population.
“Federal Bank with its ‘Digital at the Fore and Human at the Core” mantra aims to become the most admired bank of every stakeholder and with the launch of this mobile-first credit card, the bank may be on its way to make inroads into this segment,” it added.
The bank’s data shows a steady rise in demand for credit cards over the recent years, with credit card spending increasing by 25 per cent between 2016 and 2021, and expected to reach ₹15 trillion by 2024. “Credit card is a highly interactive financial product and at OneCard we are aiming to revisit its value proposition by offering a highly tech-enabled, customized experience,” OneCard’s co-founder and chief executive officer Anurag Sinha said.
