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It’s the first time in history when some bank tied a deal with a multiplex, Kotak Mahindra Bank of India has a partnership with Multiplex theatre chain, PVR and launched their new co-branded debit card that you use this is one the newest product ever launched in history, the whole prospect of this venture explained in detail by Mr Puneet Kumar from Kotak Mahindra Bank in a virtual conference.
“We are leveraging on the strength of our partnership with PVR and adding a unique debit card based on entertainment as well,” he said, adding the Kotak PVR co-branded debit card which is “India’s first movie debit card”. Statement extracted by ET times news.
And Chief Executive Officer of PVR Cinemas also said the cheapest way to entertain yourself for three hours and this is the most sought after entertainment despite nation” and debit cards offer easy access to it. “We cater to about 100 million people coming I the cinemas. Our core audience is between 14 and says about 35 (years of age) and a debit proposition, according to me, would work brilliantly because a lot of people, consumers in India do not qualify for a credit card. So this is really a proposition that works with them,” again extracted by Economic Times.
Kotak Mahindra Bank and PVR both parties are willing to offer Co-branded debit cards once the position of cinemas is vibrant again and this will help to reduce physical money transactions to the customer to bank transactions and a certain amount of price will slash by PVR also.