New Delhi [India], June 19 : Punjab National Bank (PNB) has partnered with Zaggle Prepaid Ocean Services Ltd to launch biodegradable co-branded twin credit cards, as the public sector lender looks to strengthen its presence in India's underpenetrated credit card market and tap into growing demand from younger consumers.
The PNB-Zaggle Co-branded Twin Credit Cards, launched on Friday, are designed to combine lifestyle benefits with sustainability and will be available across India. The cards are manufactured using biodegradable materials and offer customers access to both Visa and RuPay networks through a twin-card proposition.
Announcing the launch, PNB Managing Director and Chief Executive Officer Ashok Chandra said the bank sees significant growth opportunities in the country's credit card segment.
"With huge Gen Z and Millennials, we see immense potential in the credit card segment, which remains significantly underpenetrated in the country," Chandra said. "Our partnership with Zaggle marks another important milestone in our journey to strengthen PNB's credit card ecosystem through technology, innovation, and seamless customer experiences."
He added that the bank expects the new offering to support customer acquisition and engagement.
"Backed by robust digital infrastructure and streamlined onboarding capabilities, we are confident that the PNB-Zaggle Co-branded Twin Credit Cards will accelerate customer acquisition, enhance engagement, and contribute significantly to our vision of becoming a leading player in India's credit card market," Chandra said.
According to the release, the twin-card proposition combines "the global acceptance and travel privileges of Visa and lifestyle benefits of RuPay with the UPI-enabled convenience", giving customers access to a broader set of rewards and payment options.
The cards offer a range of benefits, including complimentary railway and airport lounge access, OTT subscriptions, fitness memberships, travel and shopping vouchers, dining offers, fuel surcharge waivers, personal accident insurance cover and a 1.5 per cent discount on jewellery purchases.
Zaggle Managing Director and Chief Executive Officer Avinash Ramesh Godkhindi said the partnership aligns with the company's strategy of building differentiated consumer fintech products.
"By combining our deep expertise in rewards, spend management and consumer FinTech with PNB's unmatched banking reach and trust, we are bringing millions of Indians a card that rewards every purchase, every journey and every aspiration, while leaving a lighter footprint on the earth," Godkhindi said.
He added that the collaboration is "central to our strategy of building differentiated, high-impact consumer FinTech products that create lasting value for customers, partners, and shareholders."
The cards will be available through the zagg.money application and are aimed at customers seeking a combination of rewards, convenience and environmentally conscious payment solutions.