Bengaluru and Mumbai March 16, 2022: Flipkart, India's homegrown e-commerce marketplace and Axis Bank, India's third largest private sector bank, today announced that their co-branded credit card 'Flipkart Axis Bank Credit Card' has crossed the two million Cards in Force (CIF) milestone. Launched in 2019, the card offers convenience and benefits to its users with best-in-industry cashback, features and seamless processes.

This co-branded credit card offers an easy and seamless onboarding experience. It is designed to cater to both creditworthy consumer segments as well as consumers who have limited access to formal credit cards. This card has one of the largest distribution coverage with 18,000+ pin codes across India , with nearly a million cards issued in under a year. The card's growing user base is a testimony of consumer demand for innovative financing options and credit constructs in an increasingly digital ecosystem.

The card issuance process is end-to-end digital, paperless, and includes video verification to expedite the KYC process. Currently, more than 40% cards are being issued without any physical intervention.

Key Features and Benefits

The Flipkart Axis Bank Credit Card offers a superior reward experience with a hassle-free direct cashback, which gets reflected on the customer's credit card statement.

5% unlimited cashback on Flipkart and Myntra.

4% unlimited cashback with marquee brands like Cleartrip, Curefit, PVR, Tata 1Mg, Uber, etc..

1.5% unlimited cashback on all other spends (online and offline), excluding fuel, gold, jewelry, and EMI rentpay. This is one of the highest in the industry.

Customers also get a fuel-surcharge waiver on monthly fuel spends.

4 complimentary lounge access across various domestic airports (1 per quarter).

Digital Innovation: The 'Card Console'

The card sets new benchmarks for customer-friendliness by introducing the 'Card Console' feature. This feature offers users a one-stop cockpit view of card information on the Flipkart app.

Users can access:

Monthly statements.

View transactions.

Choose from bill payment options.

Increase credit limit.

Set a limit on contactless payments and other monthly transactions.

These conveniences have led to higher customer engagement and increased usage with 85%+ card activation within the first three months of card issuance.

Leadership Comments

Dheeraj Aneja, SVP & Head - Fintech and Payments Group, Flipkart, said, "We are committed to providing our customers with innovative and secure services that improve both accessibility and affordability and the Flipkart Axis Bank Credit Card is a true testament to that. The co-branded credit cards, look at tapping into this potential by helping elevate the consumers' purchasing power."

Sanjeev Moghe, EVP & Head - Cards and Payments, Axis Bank said, "It's one of the leading co-brands in the industry and the increasing scale and adoption is a testament to its popularity. What has kept the customers engaged is the accessibility of all the features and controls in a single easy to use console which is evident from the issuance and usage metrics."

About the Flipkart Group

The Flipkart Group is one of India's leading digital commerce entities and includes group companies Flipkart, Myntra, Flipkart Health+, Flipkart Wholesale, and Cleartrip. The Group is also a majority shareholder in PhonePe. Started in 2007, Flipkart has a registered customer base of more than 350 million, offering over 150 million products across 80+ categories. Flipkart is known for pioneering services such as Cash on Delivery, No Cost EMI and easy returns.

For more information, please write to media@flipkart.com.