Tuesday, October 8, 2024 MakeMyTrip and ICICI Bank launch a premium co-branded travel credit card offering rewards and exclusive perks, reflecting the growing demand for travel cards in India. In a notable move for the travel credit card market in India, MakeMyTrip and ICICI Bank have launched a premium co-branded travel credit card, offering a range of benefits to avid travelers. This launch comes amid increasing adoption of travel credit cards, with other recent partnerships including EaseMyTrip’s co-branded debit card with Bank of Baroda and SBI Card’s collaboration with Singapore Airlines.
The rise in travel credit card usage is part of a broader expansion in India’s credit card market. A recent PwC report projected that the number of credit cards in India could reach 200 million by the 2028-29 fiscal year, representing an impressive annual growth rate of 15%. Over the past five years, credit card issuance has doubled, with transaction volumes rising by 22% and transaction values by 28%.
This robust growth trajectory is expected to continue, driven largely by increased spending on travel and leisure. According to fintech platform ZET, travel credit cards have been at the forefront of this surge, with demand for these cards climbing 27% in 2023 compared to the previous year. SBI Card, one of India’s leading credit card issuers, saw a 23% rise in transactions within the travel, entertainment, and restaurant categories as of December 2023.
The newly launched MakeMyTr.