The card is powered by RuPay, which allows the customer to link it with the Unified Payments Interface (UPI) system.
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With a numberless credit card, customers get an added level of security as there is no card number, expiry date or CVV printed on the plastic, the company said in a statement. This reduces the risk of identity theft or unauthorised access to a customer’s card details, ensuring absolute security and privacy, it added.
Fibe said card users can access their credit card details on its app.
The co-branded card offers features such as flat 3% cashback on online food delivery across all restaurant aggregators, ride-hailing apps and online ticketing platforms.
In addition, customers also get a 1% cashback on all online and offline transactions.
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It also offers the tap-and-pay feature and has no joining or annual fee through its lifetime. Other features of this card include access to four domestic airport lounges, a fuel surcharge waiver as well as RuPay portfolio offerings.
The card is accepted across all offline stores in addition to all digital platforms, the company said. It will be available to Fibe’s more than 2.1 million customers, it added.
This comes after ET reported in May that fintech players such as Fibe and Paytm were scouting for co-branded partnerships. The same month, Paytm announced a co-branded card with SBI on the RuPay network.
“We aim to empower our users with a safe and secure payment ecosystem clubbed with the convenience of UPI payments, thereby establishing a fresh benchmark in the credit card industry,” Fibe cofounder and CEO Akshay Mehrotra said.
The startup had raised $110 million at a $300 million valuation in its Series D funding last year and is now widening its geographic reach and diversifying its products.
The company said it would use the funds to build its loan book, increase its presence to 150 cities, hire more people for senior management functions, and widen the scope of its buy-now-pay-later (BNPL) business.