India is drawing a lot of interest from payments card companies because of its sheer size and growing middle class. Foreign companies have been partnering with local banks and retailers to offer new payments products in the market. GE Capital and the State Bank of India are offering an SBI Platinum card to reach high-net worth and high-spending individuals through the bank’s branches. The company plans to distinguish its card by offering rewards such as points for dining rewards and airline tickets.
India’s only independent credit card issuer, today unveiled an aggressive four-year growth plan after two years of business consolidation that has helped the company become profitable again. The joint venture between State Bank of India (SBI) and GE Capital also launched, today, a new offering – SBI Platinum Card, for a high-spending, ‘premium’ segment.”
The article goes on to say:
SBI Cards has been focused on acquiring customers through State Bank of India branches. With a base of 2.6 million cardholders, SBI Cards, over the past six months, has been adding over 50% of its new customers through State Bank of India branches.
“Acquiring customers through SBI branches helps us know the customer far more than we can otherwise. That gives SBI Cards a better understanding of the customers’ preferences as well as helps us plan the product mix and customer value proposition to suit specific customer segments,” said Mr. Anish Shah, President & CEO, GE Capital India.”