India’s largest private sector bank, HDFC Bank partnered with Retailio on Monday and announced the launch of a new range of co-branded credit cards primarily targeted at chemists and pharmacies in the merchant segment. Retailio is the country’s largest B2B pharma marketplace.
In a statement, HDFC Bank said the partnership is likely to cover over 1.4 lakh merchants in the first phase of its roll-out. It will also be available to over 1 lakh customers of Retailio from their existing merchant base and as well as new customers.
Parag Rao, Country Head – Payment Business, Consumer Finance, Technology, and Digital Banking, HDFC Bank said, “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.”
These are the features the card will offer under the Retailio Cobrand program:
– 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 ₹25,000 per month and 1,500 Bonus Reward Points on spending ₹50,000 per month (exclusive for RIO club members),
– 5% Cashback on all Business essentials like Utility, Telecom, Govt. & tax payments (capped at Rs.250 per month)
– 1% fuel surcharge waiver between Rs.400 to Rs.5000 of Fuel purchase and up to Rs. 250 per statement
– Other Subscription offers on Smartbuy, SmartPay, and Payzapp offer,
– no cost & low-cost EMI options for all customers on their credit card along with term loan eligibility for business purposes
“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 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,” said Harsh Parekh, co-founder, of API Holdings.
HDFC Bank is the leading player in the payments ecosystem with a base of over 6 crore credit, debit, and prepaid cards addressing every market segment. Retailio has its presence in over 1000 cities along with a network of over 1000 Health care and Pharma companies, 3000 Pharmaceutical distributors, 1 Lakh pharmacies, hospitals & nursing homes.