Federal Bank on Wednesday announced a tie-up with OneCard for a mobile-first credit card that targets the country’s young, tech-savvy population.
It will target young working professionals aged 23-35, primarily representing the millennials and Gen Z, it said in a statement.
The mobile-first credit card offers in-app on-boarding, whereby the virtual card can be activated and used instantly, while the metal card is delivered to the customer in three to five days, it added. The cards will be powered by Visa.
HDFC Bank, Paytm set to launch co-branded credit cards
The bank is betting on the retail portfolio and anticipates a peak in consumer credit this festive season on the back of an economic revival.