BOB Financial Solutions Limited (BFSL) - a wholly owned subsidiary of Bank of Baroda, has partnered with OneCard, to launch co-branded mobile-first credit cards to offer a world-class, smart-banking experience to the young, tech-savvy population across the country. The internationally valid credit card will be issued by BFSL and managed by OneCard on VISA's Signature platform.
Powered by a mobile app, OneCard offers its users complete control of the credit card - spends, rewards, limits, payments and more thus offering an end-to-end digital experience. Built with full-stack tech, this credit card is designed with curated benefits and offers, with a host of other privileges including lifetime validity, zero joining and annual fee, instant virtual card issuance, instant issuance of reward points, and easy redemption among others, within the app.
The card combines the principles of simplicity, transparency and gives customers full control of all the aspects of the credit card through one app. It also has the lowest forex fee in the market at just 1%.
Speaking at the launch, Shailendra Singh, MD & CEO, BFSL said, "BFSL is currently on its transformation journey, investing in technology, processes and people to ensure we offer best-in-class credit cards to our customers under the Bank of Baroda brand. We are delighted to have OneCard as a partner in our transformation journey. The mobile-first OneCard further bolsters our portfolio of offerings, especially for the young, tech-savvy generation and reinforces our commitment towards unique and differentiated offerings for our customers."
BFSL was established as BOBCARDS in 1994 by Bank of Baroda, to manage the cards business. BFSL issues and manages Bank of Baroda Credit Cards, and is committed to becoming one of the largest Credit Card issuers in the country.
On the launch Anurag Sinha, Co-founder & CEO, OneCard said, "The pandemic has brought about a drastic shift in consumer sentiments driving a strong inclination towards easy digital payments solutions. With OneCard, we endeavor to empower our customers with a world-class, mobile-first experience, giving the user absolute control over their credit card. Our collaboration with BFSL is a huge stride in our vision to re-imagine credit and payments in India while addressing consumer need gaps.
Sujai Raina, Head - Business Development, India, Visa said, "At Visa, we are delighted to power the partnership between BFSL and OneCard for this unique proposition that sets new standards for seamless customer onboarding and transaction experience. As India increasingly transacts using digital credentials, it is imperative to provide wider, more accessible credit options. With the strength of our solutions and the trust in our brand, we are proud to work with partners and create novel, innovative experiences for their consumers."
FPL Technologies, who has launched OneCard, is a fintech start-up that aims to digitally revolutionize credit and payments in India. OneCard allows users to control all aspects of the card from an app. This includes locking the card, enabling offline and online tractions, enabling domestic and international transactions, and paying the bill. The company earlier launched the OneScore app in 2019, to empower people to monitor and manage their credit health in a simple, secure manner; without any spam. The scoring platform is widely popular and has acquired more than 8 million users within just two years of its launch.
Shares of Bank of Baroda was last trading in BSE at Rs. 88.90 as compared to the previous close of Rs. 93.00. The total number of shares traded during the day was 2538111 in over 8531 trades.
The stock hit an intraday high of Rs. 92.00 and intraday low of 88.00. The net turnover during the day was Rs. 228076289.00.