Mumbai: Zaggle Prepaid Ocean Services Limited has entered into a strategic agreement with Punjab National Bank to strengthen its presence in the retail credit card market.
The company informed stock exchanges about the development through a regulatory filing on June 19.
The partnership is expected to help Zaggle expand its consumer financial services offerings.
Focus On Co-Branded Credit Cards
Under the agreement, Zaggle will act as a co-branding partner for PNB’s retail credit card business.
The main goal of the partnership is to drive customer acquisition, improve marketing efforts and promote the co-branded credit card product.
Zaggle plans to use its existing corporate customer base to increase card sales and improve market reach.
This strategy could help the company deepen customer engagement and expand revenue opportunities.
Five-Year Agreement
The agreement between Zaggle and PNB will remain valid for five years.
The company said the contract is domestic in nature and will focus entirely on the Indian market.
A long-term partnership gives both companies enough time to build scale and attract more customers.
Industry experts believe co-branded cards are becoming popular as they offer reward-based benefits and better customer retention.
Strengthening Fintech Presence
Zaggle is known for its spend management and financial technology solutions for businesses.
The partnership with PNB may help the company diversify beyond corporate services into consumer-focused products.
The company also clarified that the agreement does not involve any related-party transaction.
Zaggle said neither its promoters nor group companies have any interest in PNB.
The latest partnership reflects Zaggle’s continued focus on expanding its fintech ecosystem and creating new growth opportunities in India’s fast-growing digital payments market.
Disclaimer: This story is based on a company filing with stock exchanges. Investors should verify details through official disclosures.
