SBM Bank Has Partnered With Fintech Company OneCard
SBM Bank has partnered with fintech company OneCard, SBM Bank partners with OneCard to launch a mobile-based credit card.
SBM Bank has partnered with fintech company OneCard to launch a mobile-based credit card. The bank gave information about this on Monday.
The bank says that this will be more convenient for those people who are technology-friendly and mostly understand digital methods.
SBM Bank said OneCard will be able to leverage Visa technology and global acceptance in this co-branded credit card offer.
Neeraj Sinha, Head of Retail and Consumer Banking, SBM Bank India, said, “This partnership is in sync with our Smart Banking mission to address specific consumer needs and deliver innovative solutions through state-of-the-art platforms.”
He said that mobile-first, credit cards are a necessary step towards accepting and moving ahead in the growing digital ecosystem of the country.
Vibhav Hathi, Co-Founder, and CMO, OneCard, said that research shows that empowerment and transparency are the two key aspects that digitally savvy young consumers are seeking these days.
The company had earlier launched the OneScore app in 2019, which allows people to monitor and manage their credit.
SBM said that the scoring platform is widely popular and has garnered over 7 million users within just two years of its launch.
According to ResearchAndMarkets, the Indian credit card industry is expected to grow at a CAGR of over 25 percent during 2020-2025, fueled by the growing popularity of ‘Buy Now Pay Later.
Banks, small businessmen, retail customers joining account aggregators will get loans at cheap rates.
With the introduction of Account Aggregator (AA), small businessmen and common customers will get many benefits in taking loans. Eight major banks in the country have joined the AA network last week.
Now if small business or retail customers apply for a loan, then the market for the healthy competition will be strong in the banks to give loans at low-interest rates and to make new customers.
However, only such financial information of a customer will be displayed on the AA, for which the customer gives his approval.
Recently SBI, ICICI Bank, Axis Bank, IDFC First Bank, Kotak Mahindra Bank, HDFC Bank, IndusInd, and Federal Bank have joined the AA network.
The Reserve Bank of India (RBI) exercise to formally launch the AA network was going on since the year 2016. The license of the account aggregator is given by the RBI.
