BOB Financial and Mastercard launch 4 credit cards

By Edil Corneille

Bank of Baroda’s (BoB) subsidiary BOB Financial Solutions Ltd. (BFSL), launched four new credit cards with Mastercard, an extension of the 25-year-old partnership with the payments technology company. The credit cards cater to affluent as well as first-time credit card owners.

Ever since the outbreak of the COVID-19 pandemic, BFSL together with Mastercard has focussed on building or revamping the technology that brings simplicity and convenience to their customers as they look for safe and secure payments, online as well as at PoS machines.

Additionally, BFSL has also partnered with Fiserv for digitising customer servicing and with Signzy for digital customer on-boarding through video KYC.

Below are more details about the suite:

• Eterna – On the World Mastercard program, Eterna will cater to the distinctive needs of the NBFC’s affluent customers. It will be offered to customers part of the Radiance program of Bank of Baroda, as well as other affluent customers within and outside BoB.
• Swavlamban – This card redefines “by Invitation only”, as it targets the low-income employees of select corporates and SMEs which have a banking relationship with BoB. Swavlamban will be an invitation only product in the initial phase.
• Two co-branded cards in partnership with the Institute of Chartered Accountants of India (ICAI) and the Institute of Cost Accountants of India (ICMAI). These will be offered exclusively to Chartered Accountants and Cost and Management Accountants respectively.

Shailendra Singh, MD & CEO, BOB Financial Solutions Limited apprised, “We have entered this year with a clear vision and with the launch of these four products, we have achieved a key business goal. Not only BFSL but all industries currently are going through a big wave of change, and these unprecedented times have fuelled many aspirations if we look at it positively.”

He further added, “it is heartening to see how customers of all ages with varied backgrounds are tackling the new normal with new hopes and ready to explore new opportunities. Our existing and the new products are fully equipped to help them with their aspirations and am quite confident that we shall welcome many new members in our BFSL family, this year and henceforth.”

Porush Singh Division President, South Asia, Mastercard enunciated, “Mastercard is committed to develop safe, secure, and more convenient ways to make payments with our technology and expertise. The company is excited to partner with BFSL as they launch these differentiated products targeted for the affluent and professionals. We have worked closely with them to offer a range of financing solutions and build awareness about convenience, safety, and security of digital payments. We aim to further strengthen our partnership with BFSL and provide best-in-class solutions for their customers in the coming days.”