HDFC, Retailio To Launch Co-Branded Credit Cards

HT Bureau

GUWAHATI, May 23: HDFC Bank and Retailio, India’s largest B2B pharma marketplace announced the launch of a new range of co-branded credit cards on Monday. These B2B credit cards are primarily targeted at chemists and pharmacies in the merchant segment.

The partnership is likely to cover over 1.4 lakh merchants in the first phase of its roll-out. It aims at delivering value and experience to customers by leveraging the core strength of each partner. Notably, HDFC is a leading player in the payments ecosystem with a base of over 6 crore credit, debit, and prepaid cards addressing every market segment. Meanwhile, Retailio has its presence in over 1000 cities along with a network of over 1000 healthcare and pharma companies, 3000 pharmaceutical distributors, 1 lakh pharmacies, hospitals & nursing homes.

The co-branded credit cards will offer up to 50 days of Interest-free credit period, reward points on spend and purchases through all merchants, annual milestone benefits like 500 bonus reward points on spending Rs 25000 per month and 1500 bonus reward points on spending Rs 50000 per month, 5% cashback on all business essentials, 1% fuel surcharge waiver, among other benefits to its holders. As part of the program, members will also receive activation card benefits like 1000 bonus points on activation of the card within the first 90 days while the RIO club members will get an additional gift voucher worth Rs 500 upon activating within 90 days.

“We are committed to nurturing the payments eco-system by collaborating with different players in corporate India. Our strategic partnerships include the who’s who from travel, FMCG, hospitality, telecom, and fintech sectors. Through our partnership with Retailio, we will extend this collaboration further into the pharma sector with a customised product for retail pharmacies, distributors, and hospitals within the Retailio merchant network. Our objective is to help enlarge the eco-system through such collaborations, and ultimately offer a differentiated, tailor-made experience for customers to meet their evolving needs,” said Parag Rao, country head – Payment Business, Consumer Finance, Technology, and Digital Banking, HDFC Bank.

“We at Retailio have always strived towards the holistic development of the healthcare sector. During this pandemic period, a lot has been spoken about the impact of all ecosystem players except pharmacies. They have played an extremely crucial role to ensure the availability of medicines to the public. This co-branded initiative with HDFC bank is a step towards acknowledging their importance and one of our core offerings to enable continued growth for our partners,” added Harsh Parekh, co-founder, API Holdings.