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India’s credit card sector is being disrupted and new-age private banks, with support from fintech startups, are looking to grab the opportunity.
IDFC First Bank and State Bank of Mauritius India did not have credit card businesses until recently. Over the last six months, they have scaled up aggressively, mostly by acquiring customers digitally through startup channels.
IDFC First has partnered with FPL Technologies, issuer of the mobile-first OneCard digital and metal credit cards. SBM India has partnered with EnKash, an enterprise expense management and credit card platform, and Karbon, an issuer of corporate cards for startups.
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