The Indian arm of Standard Chartered Bank has launched its DigiSmart credit card for millennials.
The British bank is the third institution in the last one month to launch dedicated card offerings for this growing demographic segment in India.
The DigiSmart credit card carries a monthly fee of INR49 ($0.68). It will be waived off on expenditures of INR5,000 or more in the previous month.
Additionally, the cardholders will be entitled to instant discounts on selected purchases and various benefits across several e-commerce categories.
The lender already partnered with several brands such as Myntra, Yatra, Zomato, Ola and INOX among others.
Standard Chartered India managing director of credit cards, personal loans, mortgages & payments Jinesh Shah said: “The launch of Standard Chartered ‘DigiSmart’ credit card reaffirms our commitment to bring in enhanced products to address the evolving demands of our customers.
“The credit card industry has been growing rapidly over the last few years due to increased consumerism.
“Today’s upwardly mobile youth are keen to adopt latest trends in fashion, food and entertainment leading to a rising demand for simple credit products.”
Last month, HDFC Bank, another privately-owned lender in India, launched a new range of card offerings for millennials. The suite, launched in partnership with Mastercard, includes credit, debit, prepaid and EMI variants.
Also, Freecharge, a digital payments platform, launched a Visa credit card for this young age group. The Freecharge credit card was launched in partnership with local lender Axis Bank.