On December 3, 2020 Axis bank Ltd in partnership with Rupifi and Visa launched ‘Axis Bank Rupifi Business Credit Card’ for MSMEs(Micro, Small and Medium Enterprises). This Contactless Co-Branded credit card, powered by Visa is applicable only to the MSMEs businesses that transact on the aggregator platforms partnered with Rupifi PAN India for their business purchases.
- The card offers credit solutions to such MSMEs. It is only for domestic transactions.
Note- Rupifi partners with established B2B(Business to Business) marketplace and aggregator platforms across sectors including Food, Grocery and Pharma among others.
About the Partnership
i.The partnership gives Axis Bank the opportunity to tap into the unexplored and productive MSME segment, that is an addressable market of over USD 100 billion.
ii.It also helps Axis Bank to penetrate deeper into retail and commerce, food, tech, travel, transport, mobility, and logistics businesses.
About Axis Bank Rupifi Business Credit Card:
Average Credit Limit
- The average credit limit offered by the card will be between the range of Rs 1 Lakh and Rs 2 lakh per month.
- This will be decided on the basis of the business data of the transaction of the MSME with the aggregator platforms, GMV (Gross Monthly Volume) of the last 6 months and overall revenue among other factors.
Joining and Annual Fees
The joining fee is Rs 1000 and annual fee is not required for this card.
Revolve feature & Interest free Credit Period
- The card comes with a 51 days interest free credit period.
- The revolve feature of the card provides the customers an option to pay the full balance at the end of each billing cycle or to carry over the balance from one month to the next by paying a minimum amount.
- Helps to streamline the procure-to-pay process in day-to-day business.
- It allows the businesses to manage all the expenses.
- It offers 5% cashback on all spends in 1st month, with a maximum cap set at Rs. 2500.
- It also offers 1% cashback on all spends in subsequent months (with minimum 5 transactions, maximum cap- Rs. 500).
Recent Related News:
On November 4, 2020 SBI Card and Payment Services ltd.(SBI Cards) partnered with Paytm and Visa to launch contactless co-branded credit cards, India’s next generation credit cards. The credit card will be available in two variants, namely, Paytm SBI Card and Paytm SBI Card SELECT.
About Axis Bank:
It is 3rd largest private sector bank in India
Headquarters– Mumbai, Maharashtra
Managing Director(MD) and Chief Executive Officer(CEO)– Amitabh Chaudhry
Tagline– Badhti Ka naam Zindagi
Commenced operations– 1994(Incorporated- 1993)
Co-Founder and CEO– Anubhav Jain