back Back

Amazon Pay ICICI Bank credit card on-boards over two million customers

By Leandra Monteiro

July 06, 2021

  • Amazon
  • India
Share

Amazon Pay, ICICI Bank, credit cards, million, Visa, IndiaICICI Bank and Amazon Pay today announced that the Bank has crossed the milestone of issuing two million ‘Amazon Pay ICICI Bank’ credit cards. In the process, the card has emerged as the fastest co-branded credit card to cross this milestone in the country.

Amazon Pay and ICICI Bank introduced the card, powered by Visa, in October 2018. The card also holds the record of being the fastest co-branded credit card in India to cross the milestone of one million issuances in October last year. Thereafter, the card has on-boarded another one million customers in the last nine months, with over 80% of new customers availing the card completely digitally, without any physical interaction.

The milestone is a testimony of the benefits that the card offers to the cardholders. The list of benefits include an always-on, unlimited reward programme, instant issuance of the card for select customers in less than 60 seconds, direct crediting of reward points to Amazon Pay balance and the contactless payment feature to help customers pay safe.

In addition, ICICI Bank and Amazon Pay have been continuously adding features to the card to improve customer convenience. For instance, any registered customer of Amazon.in, including those who are not customers of ICICI Bank, can apply for the card digitally, from anywhere in the country. New customers can be on-boarded by ICICI Bank through a ‘Video KYC’ facility in a safe and contactless manner. This is among the first credit cards in India which introduced ‘Video KYC’ for customers in June 2020. Since then, the card has witnessed encouraging acceptance from across the country, majorly from cities including Delhi NCR, Mumbai, Pune, Bengaluru and Hyderabad. It is hugely popular among millennials and it witnesses maximum spends across online marketplaces, departmental stores and insurance premium payments.

Mr. Sudipta Roy, Head – Unsecured Assets, ICICI Bank said, “The Amazon Pay ICICI Bank credit card has received exciting response from customers across the country. The best-in-industry rewards, seamless access to credit and the easy on-boarding process are the key contributors of this excitement. With the introduction of ‘Video KYC’ in June 2020, many new-to-bank customers applied for the card from various parts of the country, which significantly boosted the user base. In October last year, the card became the fastest co-branded credit card in India to cross the milestone of one million issuances. It has now become the fastest co-branded credit card to cross two million issuances, with the last one million cards issued in less than a year. More than 80% of these new customers availed the card completely digitally, without any physical interaction. We believe the card is well poised to become the largest co-branded credit card in the country.”

“At Amazon Pay, we are transforming the way customers’ make digital payments. The Amazon Pay ICICI Bank credit card is one of the most rewarding, convenient and trusted payment experiences in the country. Over 2 million customers have shown their trust in us and how they value the experience. This card provides our customers another reason to choose Amazon Pay for all their shopping and payments needs”, said Vikas Bansal, Director – Amazon Pay India.

“We’re delighted that the Amazon Pay ICICI Bank credit card powered by Visa has crossed two million cards, with the last one million cards issued in less than a year, despite the ongoing pandemic. This reinforces the belief that consumers prefer cards that give them great rewards and ease of payment. The card is used across a wide range of categories, demonstrating that consumers see value in using it for all their spends” said Shailesh Paul, Head of Merchant Sales & Acquiring and CyberSource, India and South Asia, Visa.

Customers can apply for the Amazon Pay ICICI Bank credit card on the Amazon.in website or mobile app. They get a digital card in a 100% contactless and paperless manner. The physical card is also sent to the customer by ICICI Bank within a few days.

Previous Article

July 06, 2021

Endorse introduces digital supply chain finance platform developed by Prime FinTech

Read More
Next Article

July 06, 2021

StepEx raised £1.1 mn in funding with BBVA Anthemis Venture Partnership

Read More






IBSi Daily News Analysis

UAE, money transfer

June 14, 2024

Amazon

Digital remittances surge as key lifeline amid global economic challenges, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 14, 2024

Doha Bank & Mastercard partner to boost digital payments in Qatar

Read More

June 14, 2024

Paytiko brings its payment management solutions to Dubai, UAE

Read More

June 13, 2024

Flexys partners with Acquired.com for debt collection

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023