ICICI Bank Partners with Adani One for Exclusive Credit Cards

Adani One, the super app being developed by the diverse multinational conglomerate Adani Group, has launched cobranded credit cards with the prominent private sector lender ICICI Bank.

The company stated that the cards, which will operate on the Visa card scheme, will provide rewards for spending within the Adani ecosystem. This is Adani Group’s first venture in the financial services world. In December 2022, the company launched the Adani One app as’ a step forward’ in its digital journey.

The Adani One ICICI Bank Signature Credit Card has an annual fee of ₹5,000 and joining benefits worth ₹9,000, while the Adani One ICICI Bank Platinum Credit Card has an annual fee of ₹750 and joining benefits worth ₹5,000.

The credit card is designed to provide a 7% reward on spending incurred within the Adani One app ecosystem for various services, such as flight, train, and hotel bookings, Adani-owned airports, and Trainman, an online train booking platform. Plus, the credit card offers several deals on duty-free shopping, airport lounge access, and other programs.

Adani Group recently reported ₹750 crore worth of gross merchandise value (GMV) in 2023-24 through its super app Adani One. The app provides various services, which include bill payments, ticket bookings, recharges and more.

In its Annual Report for FY 2024, the company said it aims to connect 400 million users via the super app.

Commenting on this collaboration, the Director of Adani Group, Jeet Adani, said, “The Adani One ICICI Bank Credit Cards are a window to a seamless digital ecosystem. By leveraging the Adani One platform, which integrates physical B2C businesses into the digital world, users will experience unparalleled convenience and accessibility.”

The Executive Director of ICICI Bank, Rakesh Jha, said, “We believe that our focus on ‘Customer 360’, backed by our digital products, process improvement and service delivery, enables us to offer holistic solutions to customers in a seamless manner and grow market share across key segments. The launch of the co-branded credit cards, in association with Adani One and Visa, is in line with this philosophy. Through this launch, we intend to offer our customers rewards and benefits across the Adani Group’s consumer ecosystem and strengthen the Bank’s credit card portfolio.”

Sandeep Ghosh, Group Country Manager, Visa India and South Asia, stated that these cards empower globetrotters with a privileged travel and shopping experience, both online and offline, boosting their comfort and travel experience.

In recent times, cobranded credit cards have emerged as one of the most popular financial services products. A few of the most prominent cobranded alliances in this space are Amazon – ICICI Bank, Flipkart – Axis Bank and Poonawala Fincorp – IndusInd Bank.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.