Co-branded credit cards: The rise of Amazon-ICICI, Flipkart-Axis co-branded credit cards, and the bad news that comes along

Amazon took the plunge first, in 2018. Flipkart, its archrival, followed suit the next year. Now the co-branded cards from the duo – the Amazon Pay ICICI credit card and the Flipkart Axis Bank credit card – are on a tear. By February 2023, India had 83 million credit cards in circulation. Of this, close to 10% were co-branded credit cards from Amazon and Flipkart. Even though banks still issue most credit cards in India, the rise of co-branded