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India Gets Another Travel Credit Card - India Report
08.10.2024 - 07:35 / skift.com / Marriott International / Bulbul Dhawan / Rajeev Menon
Online travel agency MakeMyTrip and ICICI Bank have partnered to launch a premium co-branded travel credit card.
This comes within a month of the launch of EaseMyTrip’s co-branded debit card with Bank of Baroda and SBI Card’s co-branded credit card with Singapore Airlines. The adoption of travel credit cards in India is increasing, in line with the growing credit card market in India.
Last month, consulting services firm PwC said in a report that the number of credit cards in India is expected to reach 200 million by the 2028-29 fiscal year – an annual growth rate of 15%. It added that over the past five years, there has been a 100% increase in the number of credit cards issued, and the momentum is expected to continue. Transaction volumes on credit cards have increased by 22% during this period, and transaction values by 28%.
Travel credit cards have been leading in terms of growth in credit card adoption, fintech platform ZET said in a report earlier this year. It stated that the demand for travel credit cards increased 27% in 2023 from the year before. Major credit card player in India, SBI Card, had recorded a 23% increase in its travel, entertainment and restaurant category as of December 2023.
The MakeMyTrip ICICI Bank co-branded credit card aims to distinguish itself by offering “unlimited rewards that never expire.” According to a statement by the bank, the card will offer rewards in the form of MakeMyTrip currency myCash, and 1 myCash would be worth INR 1 in spendable money.
Among other features are complementary MMTBLACK Gold membership, which would allow members to get discounts on hotel, spa services, and flights. The card will be issued with Mastercard and RuPay payment gateways.
Marriott International is set to debut its Edition brand in India. The hotel chain has signed an agreement with Prestige Falcon Realty Ventures to open The Mumbai Edition. The hotel is expected to open in 2028, marking the debut.
Rajeev Menon, president – Asia Pacific excluding China at Marriott International, said that the move to debut Edition in India demonstrates the continued demand for luxury accommodations in India. He added that it also highlights the hotel chain’s strategy to strengthen the presence of its luxury portfolio in India.
Edition brand is a collection of individualized hotels that offer a luxury lifestyle experience. In 2016, Skift had said about the brand, “This is one of the only hospitality brands anywhere that has managed to successfully blend the luxury and lifestyle segments together. Each hotel is a unique and highly nuanced experience wholly local to its neighborhood.”
Marriott is expanding its brand portfolio in India. In January this year, it launched the Moxy brand, with a
The website maxtravelz.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
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