Kotak Mahindra Bank and PVR launch co-branded debit card – the New Indian Express

0


Through PTI

NEW DELHI: Kotak Mahindra Bank and multiplex chain operator PVR launched a co-branded debit card on Tuesday, claiming to be the first to offer such a product in the film and entertainment genre.

The partners, who first launched co-branded credit cards a decade ago, are looking to capitalize on the increased use of debit cards in the wake of the coronavirus pandemic and the reopening of stores. cinemas across India.

Speaking to a virtual press conference, Bank President Kotak Mahindra – Alternative Products, Channels and Customer Experience Delivery – Puneet Kapoor said the bank has been associated with PVR for over 10 years and wants to add more to the existing products of the two co-brands. Kotak PVR credit cards.

“We are building on the strength of our partnership with PVR and also adding a single entertainment-based debit card,” he said, adding the Kotak PVR co-branded debit card which is “the first debit card from cinema in India “.

PVR CEO Gautam Dutta said cinemas are by far “the cheapest way to entertain for three hours and it’s the most popular entertainment destination” and debit cards provide easy access.

“We have about 100 million people entering theaters.

Our target audience is between 14 and let’s say around 35 (years old) and a debit proposal, in my opinion, would work wonders because a lot of people, consumers in India are not eligible for a credit card.

So it’s really a proposition that works with them, ”he added.

Dutta further said the card’s launch comes at the right time, as the film exhibition industry shows strong signs of a recovery, with states easing restrictions and moviegoers resuming their filming habits with the content pipeline. dynamic presented in cinemas.

Additionally, Kapoor said the use of debit cards is also on the rise in the aftermath of the pandemic, providing an opportunity to launch such a co-branded debit card for movies.

“If we take February 2020 as a benchmark, we had around 57 lakh crore of spending on debit cards of 82.3 crore. In September 2021, we had spending of 62 lakh crore on debit cards of 92 lakh crore.” , he said adding the expenses. on e-commerce as a percentage of total spending increased from 5 to 10%.

Kapoor said customers will earn reward points on all spending on co-branded debit cards, including 10 reward points for every Rs 100 spent in PVR cinemas and 0.50 reward points for every Rs 100. spent on all other transactions, with a reward point equivalent to Regarding 1.

He said Kotak-PVR co-branded credit cards have around 3 lakh of customers.


Share.

About Author

Comments are closed.