The new Axis Bank credit card product developed in partnership with Visa targets ultra-high net worth customers in India.
Axis Bank and Visa have launched ‘Primus’ ultra-premium credit card offering benefits curated under the Visa Infinite Privilege luxury offering.
Visa Infinite Privilege cards provide premium customers with unique benefits and special offers ranging from exclusive dining and entertainment events to hotel upgrades, Complimentary Concierge service, and more. Axis Bank has also mentioned private jet access, custom-made travel itineraries, preferential access to luxury restaurants, and invitations to exclusive product launches among the new card benefits.
Axis ‘Primus’ will deliver these exclusive services to select ultra-high net worth clients. They will be invited to join the program individually. The banking product has been already introduced to select clients in New Delhi and Mumbai.
Ultra-high net worth individuals (UHNWIs) are people with a total asset value of $30 million and above. In India, the number of UHNWIs has been steadily increasing, reaching 13,263 individuals in 2023 and projected to grow to nearly 20,000 by 2028. The country is expected to see the fastest growth in ultra-high net worth individuals globally over the next few years.
Being one of the largest private sector banks in India, Axis Bank currently has assets under management (AUM) of INR 5,36,609. Burgundy Private, the Bank’s proposition for high and ultra-high net worth clients, covers 10,651 families. The AUM for Burgundy Private increased 33% YOY and 3% QOQ to INR 1,83,048 crores as of March 31, 2024.
