HDFC Bank and Arzooo launch offline retailer-specific purchase cards. Over the next year, one lakh such credit cards will be issued.
Over 40,000 retail partners on Arzooo will benefit from better working capital management. The Purchase Card will boost the economy by giving small and mid-sized shops convenient access to capital.
This card’s main benefit is interest-free credit for a month and a credit limit of INR 1 crore. The Arzooo mobile app integrates this card for checkout convenience.
Arzooo gave retailers INR 100 Crore in credit this festive season. Arzooo Credit added 800% more shops this year. Due to capital headroom and demand, platform sales increased 400%.
On the launch, Arzooo Vice-President Tushar Deshpande stated, “Arzooo has always been in the forefront of offering distinctive value propositions to its retailers. Our retailers depend on working capital for expansion. We are thrilled to work with HDFC Bank to launch exclusive purchase cards for our offline retail partners. This alliance fulfils the nation’s growing demand for digital solutions. We look forward to integrating our technology with HDFC Bank’s experience to establish a robust environment for developing offline stores through this partnership.”