After Ola, Paytm, Flipkart launches credit card loaded with cashback; partners with Axis Bank, Mastercard

India’s top consumer internet companies are making a beeline for India’s under-penetrated credit market. After Ola and Paytm, which is May had launched their credit cards, Walmart-owned e-commerce major Flipkart has launched its credit card in partnership with Axis Bank and Mastercard to boost cashless payments by giving its customers access to credit.

Flipkart would initially offer the credit card to ‘select users’ in July before giving access to other customers in the next few weeks, the company said in a statement. The company has kept Rs 500 as the registration fee with an annual waiver on spends of Rs 2 lakh while customers will get cashback auto-credited every month.