Mumbai: Amazon has tied up with ICICI Bank for a credit card with the biggest reward programme. Amazon Prime customers will get reward points of 5% on their shopping on the e-commerce platform. These points are converted into actual money that is paid into the Amazon Pay wallet. Cards typically have rewards points that have a rupee value equivalent to one fourth of the points.
In the initial weeks, cards will be issued to customers of ICICI Bank instantly. Subsequently, Amazon will use its algorithms to approve customers who are regular shoppers. Pre-approved customers, who do not have an ICICI Bank account, will get their digital card activated after their documents are photographed and uploaded by the bank’s representative, which will happen within two days.
Sudipta Roy, head of card business at ICICI Bank, said digital issuance will differentiate the product, besides the rewards. The partnership would provide a significant boost to ICICI Bank’s card business as over 40% of credit card transactions are happening on e-commerce platforms, he added. “The card packs in a lot of value for the customer.”
Additionally, there are also reward points of 2% for all customers on spends on digital categories on Amazon — such as bill payments, recharges, and e-wallet load. If the card is used for payment to any merchant accepting Amazon Pay, the rewards are 2% of the transaction.
“Each reward point is equivalent to a rupee, which customers can redeem on Amazon or by paying merchants who accept Amazon Pay. The reward points carry other industry-first benefits too — they are uncapped and do not expire. Besides, customers will also get fuel-surcharge waivers, no-cost EMI offers and surprise bonus points during sale events,” said Roy.
The development was reported by retail.economictimes.indiatimes.com