HDFC Bank, India’s second-largest private sector bank, has also been increasing its focus in the digital space. The lender has a dedicated website for its credit card holders. The website provides its credit card holders with several online shopping options. Experts say such offers and services help in increasing card spends for the banks.

According to industry professionals, credit card spends have gone up by over 30 per cent annually, on an average, and such offers help push the spends even further. Even ICICI Bank, India’s largest private-sector lender, has been stepping up its focus on retail and brand tie-ups. The bank has been tying up with several online retailers as well as offline ones.  

An ICICI Bank spokesperson said: “Initially, the bank focused on tie-ups with alliance partners to provide exclusive offers and benefits to its customers and increase usage of its payment channels like cards and internet banking.

The focus, however, has changed over the years. Now the bank has deepened its relationship with alliance partners to execute innovative customer engagement campaigns that provide content and customer rewards for these campaigns, thus broadening the association beyond offers. Even though the bank does not have an exclusive e-commerce site yet, it promotes such offers via the bank’s website itself.