North News Chandigarh, September 2 HDFC Bank has temporarily paused its partnership with Apple, citing cost-to-income considerations. As per Times Of India, this decision marks a shift after a five-year collaboration that provided exclusive cashback and EMI benefits to HDFC Bank credit card holders on Apple products. According to Parag Rao, Group Head of Payments and Consumer Finance at HDFC Bank, the decision was made after a routine review of the partnership, which no longer aligned with the bank’s financial objectives.
While the partnership has been suspended, Apple has now teamed up with American Express, Axis Bank, and ICICI Bank for similar promotional offers. Despite this change, HDFC Bank remains positive about its growth prospects, especially with the upcoming festive season, and is seeing promising results from its revamped PayZapp app, which now has 14 million users, 60% of whom are HDFC Bank customers.
