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Source: cision | Published on: Tuesday, 10 October 2023
MUMBAI, India, Oct. 10, 2023 -- Fibe, (formerly known as EarlySalary), India's leading Fintech, and Axis Bank, one of the largest private sector banks in India, today, partnered to launch India's first-ever numberless credit card for tech-savvy Gen Zs.
With a numberless credit card, customers get an added level of security as there is no card number, expiry date or CVV printed on the card plastic. This reduces the risk of identity theft or unauthorised access to the customer's card details, ensuring absolute security and privacy. Customers can easily access their Fibe Axis Bank Credit Card details on the Fibe app, giving them complete control over their information.
The power-packed co-branded credit card offers industry-best features, like a cashback of flat 3% on online food delivery across all restaurant aggregators, local commute on leading ride-hailing apps and entertainment on online ticketing platforms. In addition, customers also get a 1% cashback on all online and offline transactions.
The card is powered by RuPay, which allows the customer to link this credit card to UPI. The card is accepted across all offline stores in addition to all digital platforms. It also offers the tap-and-pay feature for added convenience. Furthermore, this card has zero joining fee and zero annual fee for lifetime. This card will be available to Fibe's existing 2.1 million+ customers.
Some of the other features of this card include access to four domestic airport lounges per year, fuel surcharge waiver for fuel spends between Rs. 400 and Rs. 5,000 as well as the added advantage of Axis Dining Delights, Wednesday Delights, End-of-Season Sales, and RuPay portfolio offerings available across all their cards.
On this partnership with Axis Bank, Akshay Mehrotra, Co-Founder and CEO, Fibe said, "We take great pleasure in introducing India's first numberless credit card, in association with Axis Bank. This exceptional card represents a significant stride in our commitment to offering secure and inclusive financial solutions to the ambitious youth of India. We aim to empower our users with a safe and secure payment ecosystem clubbed with the convenience of UPI payments, thereby establishing a fresh benchmark in the credit card industry."
Speaking on this announcement, Sanjeev Moghe, President & Head, Cards & Payments, Axis Bank, said, "Axis Bank is a full suite cards and payments player, and we continue to build on innovation-led partnership models. We are committed to drive access to formal credit in India with various offerings that benefit our customers. We are delighted to partner with Fibe in this ground-breaking market revolution, with an opportunity to serve an expanding customer base. This numberless Axis Bank card will prioritize the security of our customers while offering a robust financial solution that empowers the smart and ambitious youth of our nation. Our overarching banking strategy of being connected aims to foster inclusivity and enhance accessibility for the diverse and growing consumer segment."
Already a leader in the personal loan for salaried professionals' segment, Fibe now ventures into the expansive credit card market. It raised $110 million in its Series D funding last year and is now widening its geographic reach and diversifying its offering. The fintech was recently titled the Best Startup in Fintech at the G20 Digital Innovation Alliance Mega Summit.
About Fibe
Fibe (previously EarlySalary) is one of India's leading consumer lending apps focused on young, aspirational, and tech-savvy Indian consumers. It is building a financial ecosystem that enables the mid-income group to fulfil their aspirations. It is an industry leader in the salary advance segment with the fastest processing time. It has launched a host of financial products like cash loans, long-term personal loans and Buy Now Pay Later plans. It offers a 100% digital loan application process that takes just seconds to complete. Its technology arm — Social Worth Technologies Pvt. Ltd. — has partnered with Axis Bank to launch the Fibe Axis Bank Credit Card.
Fibe has grown multifold over the years and emerged as a market leader in providing financial assistance to young middle-income groups in India. Due to its highly scalable business model, Fibe recently has been upgraded to BBB+ by CARE Ratings and has been certified with an ISO/IEC 2001 for its Information Security Management System (ISMS). Today, Fibe has access to debt lines to leading PSUs & Private Banks, Large Notable NBFCs and NDCs. The company has already disbursed more than 5.7 million+ loans worth Rs. 18,000 Cr+.
About Axis Bank
Axis Bank is one of the largest private sector banks in India. Axis Bank offers the entire spectrum of services to customer segments covering large and mid-corporates, SME, agriculture, and retail businesses. With its 4,945 domestic branches (including extension counters) and 15,798 ATMs across the country, as on 30th June 2023, the network of Axis Bank spreads across 2,754 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge, Axis Pension Fund and Axis Bank Foundation.
For further information on Axis Bank, please refer to the website: https://www.axisbank.com
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