Zomato ventures in fintech sector; launches co-branded credit card with RBL Bank

Food aggregator Zomato and RBL Bank on Monday launched a co-branded credit card, powered by Mastercard.

The co-branded credit card comes in two variants — Edition and Edition Classic and has many benefits such as Zomato Gold membership, cashback and airport lounge access.

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The customers will also get Zomato credits on every use in both online and offline mode.

RBL Bank with this launch plans to further scale its operations in the rapidly growing credit card market as Zomato and Mastercard will reach untapped customer segment, the companies’ officials said at the launch.

RBL Bank has over 25 lakh credit cardholders currently.

The partnership, an addition to the lender’s co-branded credit cards business, will be beneficial as online food delivery has witnessed a growing trend, Utkarsh Saxena, Head Products-Credit Cards, RBL Bank said.

He said it will be a huge opportunity for the bank to offer an innovative experience for its customers.

Mastercard’s Senior Vice President, Market Development, Rajeev Kumar said the company is increasingly tapping the co-branded space, and more millennials are adopting credit cards in tier-II and III cities.

“With evolving lifestyles and preferences, an increasingly large number of Indian consumers are ordering food online. A co-brand card proposition has the potential to provide a significant value to consumers,” he said.

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