Fibe partners Axis Bank to offer `numberless’ credit cards to customers

Mumbai: Fibe, a fintech firm formerly EarlySalary, has partnered with Axis Bank to launch the country’s first numberless credit card.
A statement issued by the partners said that the absence of a credit card number provides an added level of security as there is no card number, expiry date or CVV printed on the card plastic.
The card, which runs on the RuPay network, can be used for payments by linking it with UPI or in stores using the tap and pay feature.Customers can access their card details on the Fibe app, giving them complete control over their information.
The card offers a cashback of flat 3% on online food delivery across all restaurant aggregators, local commute on leading ride-hailing apps and entertainment on online ticketing platforms. In addition, customers also get a 1% cashback on all online and offline transactions.
The card has no joining fee and no annual fee for lifetime. This card will be available to Fibe’s existing 2.1 million+ customers. Other features include access to four domestic airport lounges per year and, fuel surcharge waiver for fuel spends between Rs 400 and Rs 5,000.
Speaking on this announcement, Sanjeev Moghe, president and head, cards & payments, Axis Bank, said, “This numberless Axis Bank card will prioritize the security of our customers while offering a robust financial solution that empowers smart and ambitious youth of our nation. Our overarching banking strategy of being connected aims to foster inclusivity and enhance accessibility for the diverse and growing consumer segment.”
On this partnership with Axis Bank, Akshay Mehrotra, Co-Founder and CEO of Fibe said that the card was targeted at the tech savvy Gen Z customers. “This card represents a significant stride in our commitment to offering secure and inclusive financial solutions to the ambitious youth of India. We aim to empower our users with a safe and secure payment ecosystem clubbed with the convenience of UPI payments thereby establishing a fresh benchmark in the credit card industry,” said Mehrotra.
Fibe has raised $110 million in its Series D funding last year and is now widening its geographic reach and diversifying its offering. The fintech is a consumer lending app focused on tech-savvy Indian consumers. The loan products on offer include cash loans, long-term personal loans and buy now pay later plans. The credit card is offered through a partnership between Fibe’s technology arm – Social Worth Technologies in partnership with Axis Bank