Federal Bank, a private sector bank, announced a strategic partnership with OneCard and the launch of a mobile-first credit card aimed at the country's young, tech-savvy population.
Federal Bank will use OneCard to reach out to young working professionals aged 23 to 35, especially millennials and Generation Z.
According to a press release, the co-branded card, which is powered by the smart OneCard app, will allow customers complete control over their credit card, including spends, rewards, restrictions, payments, and more, reducing the need for human involvement.
The mobile-first Credit Card allows for smooth in-app onboarding, with the virtual card being authorised and used immediately and the metal card arriving in as little as 3-5 days.
Credit card usage has been encouraged by the government's objective of a cashless society, as well as digitization, e-commerce advances, and the expansion of POS infrastructure.
FPL Technologies, a fintech start-up aiming to digitally transform credit and payments in India, has introduced OneCard.
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