Mumbai: Amazon Pay ICICI Bank credit card the comanies claim has become India’s first co-branded credit card to onboard over five million customers nationwide. This was announced today at the Global Fintech Festival in Mumbai. It is powered by Visa. Its list of benefits include uncomplicated and unlimited cashback, lifetime free card, instant issuance within 30 minutes with a video KYC and paperless onboarding amongst others.
The Amazon Pay ICICI Bank credit card, with its digital-first approach has one of the highest NPS scores in the industry the companies added. Its cashback and seamless usage experience make it a preferred choice for both high-value transactions, such as flight and hotel bookings, and small ticket transactions like utility bills and groceries. As a result, the card’s average spend per user is 22% higher than industry standards. Additionally, it offers exclusive six-month no-cost EMI options on millions of products on Amazon.in and is one of the most widely used credit cards for tap and pay transactions, empowering customers to make payments conveniently and efficiently.
Speaking at the Global Fintech Festival, on the five million cards milestone, Mayank Jain, Director – Credit and Lending, Amazon Pay, said “We are excited and humbled to see how Amazon Pay ICICI Bank credit card resonates so strongly with customers across India. Achieving this milestone is a testament to our steadfast focus on providing exceptional value, seamless experience of card issuance and a straightforward reward structure for customers. We appreciate the trust our customers have placed in us and remain dedicated to enhancing their financial experiences by continuously innovating and expanding our offerings. In collaboration with Visa and ICICI Bank, we are excited to provide even more convenient and rewarding financial solutions moving forward.”
Amarjit Singh Walia, product head cards, ICICI Bank said, “Since its launch in October 2018, the Amazon Pay ICICI Bank Credit Card has received encouraging response from millions of customers across the country. The card has crossed several milestones, and its success can be attributed to the best-in-industry rewards and seamless on-boarding process. This milestone reflects our aim to provide our customers with new and exclusive offerings along with safe, secure and frictionless experience.”
Rishi Chhabra, head of Merchant Sales & Cobrands for Visa India and South Asia said, “The card’s appeal and compelling value to consumers is evident in its success, driven by seamless digital issuance, attractive benefits, and an integrated digital journey, maintaining its position as their top-of-wallet credit card. Visa is proud to be a partner in this journey with Amazon Pay and ICICI Bank and crossing 5 million credit cards. Together, we offer users a superior shopping experience and exceptional security backed by Visa, reinforcing our commitment to being the best way to pay.”
At a time when many credit card issuers have scaled back benefits, ICICI Bank and Amazon Pay said that they remain steadfast in delivering the committed value to their customers. The co-branded credit card offers enhanced rewards, including unlimited cashback of 5% for Prime members and 3% for non-Prime members on Amazon purchases, 2% cashback on bill payments, and 1% cashback on all other non-EMI transactions (excluding rental payments).
With cashback points that never expire, and 1 point equal to INR 1, rewards are automatically credited to the Amazon Pay Balance, usable both on and off Amazon.in. Additionally, customers can take advantage of limited time offers, such as unlimited 5% cashback on flight and hotel bookings on Amazon.in for Prime members, 3% cashback for non-Prime members, three months of free Prime membership for new non-Prime cardholders, and attractive welcome rewards for new cardholders.
Customers can apply for the Amazon Pay ICICI Bank credit card directly from the Amazon.in website or mobile app. Post approval, they get a digital card in a completely contactless and paperless process. The physical card is then mailed to the customer’s address by ICICI Bank within a few days. The card also comes with a range of welcome rewards and the aim is to enhance the initial experience.
