Co-branded cards hit 17% of India's credit base as Amazon, Flipkart, Tata Neu drive platform consumption
Retail-tied co-branded credit cards now account for 17% of India's 111M card base and 18% of spends, projected to reach 25% by FY28. Amazon-ICICI leads with 5M+ cards, Flipkart-Axis at 3.5M+, Tata Neu-HDFC at 2M+. Issuers see 60% lower acquisition cost, 70% activation and 20% higher spend, fueling Rs17,000-19,000 crore FY25 revenue.
What happened
Amazon Pay ICICI · Co-branded credit cards tied to Indian retail platforms (Amazon, Flipkart, Tata Neu, Swiggy, Zomato) now make 17% of cards and 18% of spends,
Key facts
- 17% of 111M credit card base
- 18% of card spends rising to 25% by FY28
- Rs17,000-19,000 crore FY25 issuer revenue
- Amazon-ICICI 5M+ cards
- Flipkart-Axis 3.5M+ cards
- Tata Neu-HDFC 2M+ cards
- Swiggy+Zomato 150M+ users
- 60% lower acquisition cost
- 70% activation vs 50%
- 20% higher spend
Why this matters
As Amazon-ICICI (5M+), Flipkart-Axis (3.5M+), and Tata Neu-HDFC (2M+) lock in distribution moats, securing a bank issuing partnership now is critical to avoid being shut out of India's 111M-card payments rail.
What to watch
- RBI guidance updates on co-branded card data and liability rules
- Credit-on-UPI adoption curves and RuPay credit card volumes
- Issuer disclosures on co-brand portfolio NPAs and reward cost ratios
- New co-brand launches by Reliance/JioMart and quick-commerce players
- Monthly RBI card issuance and spend-share data vs the 18%→25% path
- Tata Neu-HDFC and Flipkart-Axis push tiered super-app cards to close the gap with Amazon-ICICI's 5M lead
- Issuers extend co-brand model into tier-2/3 cities and quick-commerce (Zepto, Blinkit) to expand beyond saturated urban prime
- Platforms bundle co-branded credit with subscription tiers (Prime, Flipkart Plus, Neu Pass) to boost activation and spend
- Banks renegotiate reward-funding splits as RBI co-brand norms mature
- Entry of new co-brand pairs in travel, grocery and fuel verticals chasing the 25% spend-share pool