Mukesh Ambani set to enter Rs 133000 crore Indian credit card market, working with big bank to launch…

India and Asia’s richest man Mukesh Ambani has been busy expanding his company’s business interests in online retail and financial sectors. Ambani-led Reliance is now looking for another major disruption with the launch of co-branded credit cards.

Reliance has joined hands with one of India’s biggest banks, the State Bank of India (SBI), to launch two credit cards on the Indian indigenous RuPay network, according to a report from TechCrunch. The two new Reliance credit cards in partnership with SBI will be co-branded, and are likely to be called ‘Reliance SBI Cards’. 

The ‘Reliance SBI Card’ will provide customers with “exclusive” benefits, the report added. These will include vouchers for Mukesh Ambani’s retail venture Reliance Retail, as well as 
discounted products on RIL’s different offerings like JioMart, Ajio, Urban Ladder and Trends.  

The report added that the cards were briefly displayed by the SBI on a web page but that has now been removed. The big move will mark the entry of India’s biggest conglomerate into the fast growing Indian credit card market that saw transactions valued at a total Rs 1,33,000 crore last year, compared to the debit card market which closed Rs 53,000 crore worth of transactions. 

The credit cards will strengthen Ambani’s presence in the financial sector after that company’s financial arm, Jio Financial Services, recently entered the lending and insurance space. Jio Financial Services also has plans to come out with debit card offerings.