BENGALURU: Gurugram-based food delivery giant Zomato has inked a strategic partnership with Master Card and RBL to launch a co-branded credit card. Joining the likes of Amazon, Ola and Flipkart in the fintech space, the online food delivery platform will offer a host of benefits to the cardholders.
The move is also seen as the company’s efforts to soar Zomato Gold’s membership. Through this collaboration, RBL and Zomato are targeting to issue one million credit cards in the first two years to Zomato users in India. The cards come in two variants — Edition and Edition Classic. The Edition Classic starts with an annual membership of Rs 500 (exclusive of taxes). Its features include Zomato credit on every purchase — online and offline — both which can be redeemed at Zomato-partnered restaurants. It also comes with a complimentary Zomato Gold membership. The premium Edition card is priced at Rs 3,000 (exclusive of taxes). Apart from the basic features such as Zomato credits on every purchase, the cardholders will get lounge access at certain domestic airports. Users of the Edition Card version will be offered the Gold global membership.
The move, said executives, is made keeping in mind the growing popularity of dining out among India’s urban millennials, who are increasingly using apps to order meals at home or eating out. Benefits linked to dining could help users sign up for such financial products. “This partnership is an extension to our ‘Partners ka Bank’ philosophy and is an exciting addition to our comprehensive portfolio of co-branded credit cards,” said Utkarsh Saxena, head of products (credit cards), RBL Bank.
Saxena added that this makes it the first card where a food aggregator has come together with bank to launch a financial product. Currently, RBL Bank has over 2.5 million credit cardholders and services over 7.8 million customers. Zomato, on the other hand, is present in over 500 cities in India, with over 2 lakh delivery partners that ferry orders throughout the day. The number of restaurant listings globally on Zomato stood at 1.5 million as of September 2019. Its Gold program has 1.4 million subscribers, according to its half yearly report in October last year.
A host of benefits
Benefits offered by Zomato linked to dining could help urban millennials, who are increasingly eating out or ordering meals at home, sign up for such financial products.