Swiggy launches co-branded card with HDFC Bank

economictimes.indiatimes.com:

Swiggy on Wednesday said that it has launched a co-branded credit card with HDFC Bank, adding on to the larger trend of ecommerce platforms launching co-branded cards. ET had reported on July 5 that Swiggy was in the final stages of launching a co-branded credit card in partnership with HDFC Bank, as it looks to retain customers and boost basket sizes while providing flat discounts and special offers for cardholders. Swiggy’s co-branded credit card will be hosted on Mastercard’s payment network.

Last month, fashion etailer Myntra partnered with Kotak Mahindra Bank to launch a co-branded credit card. Myntra’s parent, Flipkart, had launched a co-branded card with Axis Bank last year. Flipkart Wholesale, the business-to-business arm of Flipkart, also launched a co-branded card with HDFC Bank this year for small merchants and grocery stores.

In a statement on Wednesday, Swiggy said that its co-branded credit card users will get a 10% cashback on its platform for spends across food delivery, quick commerce grocery delivery, and dining out. The cardholders will also receive a 5% cashback on shopping across major ecommerce platforms, including Amazon, Flipkart, Myntra, Nykaa, Ola and branded fashion websites, such as Nike, H&M, Adidas and Zara, to name a few. The cardholders will get cashback in the form of Swiggy Money, which can be used across Swiggy for various transactions.