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Friday, November 27th, 2020

Domestic spends will play a critical role in revival of the economy

INVC NEWS 

Mumbai ,  

AU Small Finance Bank (AU Bank), a Scheduled Commercial Bank and one of the leading Small Finance Banks in the country, is offering over 1000 exciting deals in partnership with brands such as Myntra, Zomato, BigBasket, Goffers and 400+ hyper-local merchants during the ongoing second edition of ‘AU Shopping Dhamaka’. It was the first Small Finance Bank to partner with Amazon and run a ten day exclusive offer for its customers to mark the beginning of festive shopping, which led to a jump of 300% in spends by AU Bank customers on the marketplace. AU Bank has offered its customers an opportunity to save 10% to 25% on shopping across categories. The Bank is already witnessing a bounce back in spending to pre-COVID levels.

This year, AU Shopping Dhamaka has been significantly scaled up with extended merchant base, lucrative deals on debit cards, cashback on UPI P2M transactions, assured gift vouchers worth Rs.1,500/- (from brands like Lakme Salon, Cure.fit, Storytel & Coolwinks) as welcome gifts, flat cashback on first debit card swipe and much more. The festive offer also includes credit offerings such as 100% waiver on valuation charges for Gold Loan and attractive interest rates on car and home loans.

Speaking on the occasion, Mr. Uttam Tibrewal, Executive Director, AU Small Finance Bank, said “Domestic spends will play a critical role in revival of the economy and we are experiencing a gradual resumption of spending patterns that were prevalent in the pre-COVID period. The festive season is expected to give a massive impetus to the recovery and we wanted to ensure that we are creating a win-win situation for the consumers as well as our partners. Taking our “Customer Centric” philosophy ahead, our second edition of Shopping Dhamaka is designed to be more comprehensive, sweetening the deal across categories that include daily requirements and not just seasonal shopping.  In these uncertain times, our customers can at least be certain about receiving the best offers and maximum returns on their spends. We are already receiving an upbeat response to the offers and expect them to further motivate spending during the festive season”

AU Bank is experiencing an increase of 23% in per day debit card spends. Overall PoS and e-commerce transactions witnessed a surge of 16% since the launch of the festive offers. Point of Sale transactions have been slightly higher than e-commerce sales with 53% and 47% respectively. This trend has been witnessed across urban and core markets, which could be attributed to the recent relaxation of lockdown rules.

In addition to offering industry leading interest rates of upto 7% on Saving Accounts, AU Bank customers are offered exciting deals across products all year round. The Bank is focused towards not only offering the best banking products but also serving them in a digitally enabled ecosystem that is inclusive, convenient and secure.

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