India’s fast-growing co-branded credit card market may soon see a new entrant: the country’s most valuable firm.
Reliance is working with the state-backed lender SBI to launch two co-branded credit cards on the homegrown Rupay network, according to documents reviewed by TechCrunch.
The cards, called Reliance SBI Card, will offer some “exclusive” benefits, such as vouchers of Reliance Retail, the conglomerate’s retail chain, and discounts on spendings at other Reliance properties including Trends, Ajio, JioMart, Urban Ladder, according to the documents.
SBI briefly confirmed the existence of the cards on a web page that it has since taken down.
Reliance’s interest in the credit card business comes at a time when Jio Financial Services, a Reliance-backed finance unit, has launched lending and insurance businesses. In its annual report earlier this month, Jio Financial Services said it plans to launch debit cards.
The financial services is the newest sector for Mukesh Ambani, Asia’s richest man and who controls Reliance Industries. In the last two decades, Reliance has entered and scaled several businesses including retail and telecom to tentpole positions. Reliance Retail was recently valued at $100 billion in funding from a number of investors including KKR.