HDFC Bank Partners with Arzooo to Offer Purchase Cards to Merchants
By Leandra Monteiro
- Credit score
- Digital loan
HDFC Bank partners with Arzooo to launch shopping cards designed exclusively for offline retailers. The goal is to roll out more than a lakh of these credit cards over the next 12 months.
More than 40,000 business partners already present on the Arzooo platform stand have taken advantage of this, as they will now be able to manage their working capital much more efficiently. The procurement card will play a central role in mobilizing the economy by giving impetus to small and medium traders with easy access to capital.
The main feature of this card is that it offers interest-free credit for up to a month and a credit limit of up to INR 1 crore. In addition, this card is integrated into the Arzooo mobile application for ease of use when paying.
During this year’s festive season, Arzooo disbursed INR 100 crore credit to retailers. There has been an 800% growth in the number of retailers taking out credit this year through Arzooo Credit. Additionally, sales on the platform increased by 400% due to access to capital headroom and an increase in demand.
Speaking at the launch, Tushar Deshpande, Vice President of Arzooo said, “Arzooo has always been at the forefront of delivering distinctive value propositions to its retailers. The availability of working capital is of paramount importance to our retailers as it gives them room for growth. We are delighted to partner with HDFC Bank to launch exclusive shopping cards for our offline retail partners. This partnership marks an important step in meeting the growing demand for digital solutions in the country. Through this partnership with HDFC Bank, we look forward to combining our platform and HDFC’s expertise to create a robust ecosystem to scale offline retailers.
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