Adani Group, through its super app Adani One, will offer co-branded cards in collaboration with ICICI Bank Ltd. and Visa.
In a press gathering in Ahmedabad on Monday, Jeet Adani, director of the group's airport business, said that the fintech revolution has democratised access to financial services in India.
The partnership aims to provide customers with an enhanced and seamless payment experience while unlocking a world of exclusive privileges, according to a press release.
The introduction of a credit card will be the first move towards bringing up financial services on the super app.
Although India's fintech ecosystem is the third largest in the world, the penetration is low at 35% among its population, Adani said.
While the collaboration with ICICI Bank and Visa is a first of its kind for Adani Group, the low penetration shows a lot of headroom for growth in fintech solutions, he said.
(Source: NDTV Profit)
Adani One is the group's super app, built by Adani Digital Labs Pvt. Ltd., a wholly owned subsidiary of Adani Enterprises Ltd. The platform garnered 30 million users and achieved an annual exit gross merchandise value of Rs 750 crore. The alpha version of the super app was launched during fiscal 2024.
The group envisions connecting with 500 million users through Adani One by 2030, Adani Enterprises said in its annual report for the year ended March 31, 2024.
Currently, the super app offers multiple consumer-facing services such as utility bill payment, credit card bill payment, insurance premium payment, travel booking, hotel booking, duty-free shopping, and airport guest services, among others.
While the app is geared towards offering services to existing customers of various Adani Group companies, it will eventually start welcoming new customers.
The development of Adani One is part of the group's efforts to build a strong business-to-consumer venture. In August 2023, Adani Digital Labs acquired Stark Enterprises, which runs the train ticket-booking platform Trainman.
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