Skift Take
The new travel credit card by MakeMyTrip and ICICI Bank taps into the growing credit cards segment in India. However, its success will depend on its ability to distinguish itself in a rapidly growing market.
The Skift India Newsletter is your go-to platform for all news related to travel, tourism, airlines, and hospitality in India.
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 offeri