7 Major Credit Card launches in December 2023 in APAC

By Gloria Mathias

Credit plays a crucial role in fueling ambitious growth targets in India and other emerging markets. Many consumers and businesses that are currently underserved will join the formal credit economy. Digital credit is evolving beyond traditional cards, with innovations such as paper financing, EMI options, overdraft accounts, and personal loans.

The demand for diverse choices and personalised rewards is evident, especially in co-branded credit cards. The surge in applications for premium co-branded credit cards indicates a growing supply of new options and increased demand for personalised rewards and offers.

As a result, credit card launches are reshaping the payment landscape in Asia by promoting financial inclusion, fostering digital transformation, encouraging innovation, and enhancing consumer choices. These changes contribute to economic growth and create a more dynamic and resilient payment ecosystem in the region.

Here’s a list of 7 major credit card launches that took place in December 2023:

• FIRST SWYP Credit Card for GenZ by IDFC FIRST Bank & Mastercard

IDFC FIRST Bank has expanded its credit card offering for the youth, or Gen Z, with the introduction of the FIRST SWYP Credit Card. This launch extends IDFC FIRST Bank’s offering coverage across Millennials and Gen Zs, intensifying their focus on addressing the demands of new-age customers and blending benefits across their preferred categories of spending and talk-worthy offers and propositions.

• HDBank JCB Ultimate Credit Card by HDBank & JCB

Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank), a commercial bank in Vietnam, and JCB International (JCB) have announced the launch of the HDBank JCB Ultimate Credit Card and the acceptance of JCB Cards in Vietnam. The partnership with HDBank will further enhance the acceptance of JCB cards at merchants across Vietnam, benefiting JCB cardmembers visiting the region as well as local JCB cardmembers.

• Biometric Metal card by Eastern Bank PLC and IDEX Biometrics

Eastern Bank PLC. (EBL) of Bangladesh, offering corporate, retail, and SME banking solutions, has launched a biometric metal card powered by the IDEX Biometrics Mastercard certified technology, IDEX Pay. The biometric metal card offers a level of security and a seamless payment experience for customers seeking distinctive and exclusive payment solutions that align with their dynamic and tech-savvy lifestyles. This solution is expected to increase card usage among their existing premium customer base.

• Ocean Plastic Card by Trust Bank & Thales

Trust Bank Singapore (Trust) has partnered with Thales to offer its customers sustainable credit and debit cards made from recycled ocean plastic. Trust supports sustainable innovations in the banking sector by offering an environmentally friendly alternative to traditional plastic cards. To minimise its impact on the environment, Trust is collaborating with Thales to offer the first Ocean Plastic payment card in Singapore to its customers.

• ‘eSvarna’, a Corporate Credit Card by Induslnd Bank

IndusInd Bank has announced the launch of ‘IndusInd Bank eSvarna’, India’s corporate credit card on the RuPay network. The card facilitates smooth transactions at merchant outlets and allows users the flexibility to make UPI payments by linking the card with UPI-enabled apps. The IndusInd Bank eSvarna credit card on the RuPay network comes with an array of exclusive perks and rewards.

• Privilege Credit Card by Axis Bank and American Express

Axis Bank has announced its strategic partnership with American Express with the launch of the Axis Bank Privilege Credit Card on the American Express network. With this partnership, Axis Bank customers can enjoy the local and global benefits of the American Express network. The Axis Bank Privilege Credit Card on the American Express network is packed with a host of benefits, such as an activation benefit worth INR 5,000 and two complimentary domestic lounges per calendar quarter.

• One Nation Corporate Card by PayCraft, NSDL Payments Bank and NPCI

PayCraft has launched the One Nation Corporate Card in partnership with NSDL Payments Bank and the National Payments Corporation of India (NPCI). This card, built on an indigenously developed multi-wallet platform with transit issuance and processing capability, serves as an employee tax benefit instrument. It also comes with a corporate expense management platform for the employer to manage their expenses digitally.

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