SRINAGAR: HDFC Bank’s instant credit card offering, InstaCard, has crossed the 3 lakh milestone within a year of its launch.
Launched in January this year, InstaCard combines customer convenience and experience with cutting edge analytics to offer an electronic card that is delivered to customers within an hour of applying for a credit card in quick and easy steps on Netbanking, an official handout issued on Monday read.
With InstaCard, customers can do online transactions on e-commerce websites immediately on receipt of the InstaCard. The physical card is then delivered to the customers within a few days.
InstaCard has become popular as it allows customers to use the features of the card they have applied for within an hour, the handout read.
After its launch in January this year, the bank has issued more than 3 lakh InstaCards. InstaCard can be used by customers at any ecommerce portal and DiGiPOS machines where payment can be made using Bharat QR and SMS Pay.
Popularly also known as a digital credit card, an InstaCard is issued using a combination of credit bureau information, pre-qualification algorithms and checks in the application form. It allows the bank to ascertain the eligibility of an applicant and issue the digital credit card within an hour, it further read.
Country Head – Card Payment Products, Merchant Acquiring Services, and Marketing, HDFC Bank Parag Rao said, “InstaCard is an example of a product that combines convenience and experience. Instant Digi-Lending through offerings like InstaCard we believe is a game changer.”
InstaCard also reflects the use of data analytics that enables the bank to offer a product, which is ready to use, within an hour, he said. “As a leading player in the digital banking space, we will continue to improve upon the existing product suite and come up with new ones,” he added..