Zomato enters Fintech, launches co-branded credit card

Zomato and RBL are aiming to issue 1 million credit cards in the first 24 months to Zomato users

Zomato enters Fintech, launches co-branded credit card

Gurugram-based food delivery company Zomato unveiled a co-branded credit card in a strategic partnership with Master Card and RBL. The online food delivery platform will give the cardholders a bunch of benefits by joining the likes of Ola, Amazon, and Flipkart in the fintech space.   Zomato joined the fintech segment after moving into the streaming video space in 2019. The business has partnered with RBL Bank to launch two co-branded credit cards for Zomato customers, Edition Classic and Edition Card. The Edition and Edition Classic cards can be used for making payments online or offline, just like standard bank-issued credit cards.

Nevertheless, the users can receive Zomato credits for every payment made through the credit card. Users earn 10% cashback on their Zomato wallet in the Edition card for payments made through the Zomato app or at their restaurant partners. Besides, consumers will also earn 2% Edition Cash for all online transactions, 1% for offline purchases, and 2000 bonus Edition cash when spending over USD 6,820. Zomato confirmed 1 Edition cash equals USD 0.014.

The Edition card also provides a global membership of Zomato Gold, which is renewed automatically quarterly, as long as the credit card is in use. Besides, the card also offers free lounge access to all major Indian domestic airports. Cardholders on movie tickets will even get one plus one. About 1.5 million restaurants in 24 countries have collaborated with online food delivery. The higher premium Edition card is priced at USD 40.92 (exclusive of taxes). Zomato is the latest tech startup to join the bandwagon for credit cards.

Many Indian companies have also launched similar co-branded cards, such as Paytm, Flipkart, Practo, Amazon, Ola, and others. HDFC Bank has tied with the US-based retailer Walmart and Indian e-commerce company Snapdeal. Flipkart has also partnered with Axis Bank to launch its own credit card powered by Mastercard’s payment architecture. Zomato, founded in 2008 by Deepinder Goyal and Pankaj Chaddah, has allowed online payments through credit cards, debit cards, and net banking on its website from 2015. Besides, Zomato had also simultaneously introduced Zomato rewards for referrals, refunds, and cashbacks.