Indian Economy News

Fibe and Axis Bank have partnered to launch India's first numberless credit card

  • IBEF
  • October 11, 2023

India's leading fintech and Axis Bank, one of the country's biggest private sector banks, teamed up to introduce the country's first-ever numberless credit card for the digitally savvy Generation Z.

With a numberless credit card, customers get an added level of security as there is no card number, expiration date, or CVV printed on the card plastic. This increases security and privacy by lowering the possibility of identity theft or unauthorised access to the customer's card information. Customers have complete control over their information thanks to easy access to their Fibe Axis Bank Credit Card details via the Fibe app.

A flat 3% cashback on online food delivery across all restaurant aggregators, local transport on the top ride-hailing apps, and entertainment on online ticketing platforms are just a few of the standout elements of this co-branded credit card's feature set. Customers also receive 1% cashback on all in-person and online purchases. The consumer can attach this credit card to UPI because RuPay powers the card.  Along with all digital channels, the card is accepted in all physical retailers. The tap-and-pay feature is also available for increased convenience. Additionally, there is no initiation cost and no yearly fee for the duration of the card's use. More than 2.1 million current Fibe subscribers will have access to this card.

Other benefits of this card include fuel surcharge waivers for fuel purchases between Rs. 400 (US$ 4.81) and Rs. 5,000 (US$ 60.07), access to four domestic airport lounges annually, and the added benefit of Axis Dining Delights, Wednesday Delights, End-of-Season Sales, and RuPay portfolio offerings available across all their cards.

In partnership with Axis Bank, Mr. Akshay Mehrotra, Co-Founder and Chief Executive Officer (CEO), Fibe, the outstanding launch of Axis Bank and India’s first numberless credit card marks a huge step forward in our mission to provide safe and inclusive financial solutions to India’s aspirational young. In order to empower users and set a new standard for the credit card industry, there's a combination of simplicity of UPI payments with a safe and secure payment infrastructure.

According to Mr. Sanjeev Moghe, President & Head, Cards and Payments Axis Bank, the Axis Bank is a full-suite card and payments player, and the idea is to continue to build on innovation-led partnership models. The idea is to drive access to formal credit in India with various offerings that benefit our customers. The partnership with Fibe in this ground-breaking market revolution, with an opportunity to serve an expanding customer base. This numberless Axis Bank card will prioritize the security of our customers while offering a robust financial solution that empowers the smart and ambitious youth of our nation.

One of the top consumer financing apps in India, Fibe (formerly EarlySalary), targets youthful, aspiring, and tech-savvy Indian consumers. It is creating a financial ecosystem that makes it possible for the middle-income group to achieve their goals. With the quickest processing time, it is a market leader in the pay advance sector. A variety of financial solutions, including cash loans, long-term personal loans, and Buy Now Pay Later agreements, have been introduced. It offers a completely digital loan application process that may be finished in a matter of seconds. In order to introduce the Fibe Axis Bank Credit Card, it collaborated with Axis Bank through its technological arm, Social Worth Technologies Private Limited.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.