One97 Communication Limited, the parent of one of the most successful fintech Paytm, collaborated with two other companies, SBI Card and National Payments Corporation of India (NCPI), on Thursday to bring a new credit card to the market. The conglomerate calls it an initiative for the growth of inclusive digital-first financial services in India.
During the launch, Paytm founder and chief executive officer Vijay Shekhar Sharma said, “India is at the cusp of the next payments revolution where the credit will become the mainstream payment choice. Together with SBI Card, Paytm RuPay Credit Card will be a great choice for consumers”.
In the event, the company has also shared the perks of the new credit card. According to the company, the new credit card will offer exceptional rewards and benefits to the users.
Offerings Of Paytm SBI Credit Card
There will be several privileges for the customers, including:
- The customers can enjoy up to ₹75,000 through the first membership.
- The membership will include OTT platform membership.
- The card will also offer rewards and savings when used on the Paytm app.
- The cardholder will get a cashback of 3% while booking movies and travel tickets through an app and 2% cash back on all other purchases on Paytm, and 1% cashback on spends elsewhere.
“We partnered with Paytm to launch this card to make credit cards more accessible to young and digitally-evolved customers. Paytm SBI Card has become one of the popular cards in our portfolio. With its launch on the RuPay network, we are further strengthening the product value proposition”, said Rama Mohan Rao Amara, MD & CEO of SBI Card.
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Apart from this, NPCIs’ chief operating officer Praveen Rai also stated that they are excited to join hands with Paytm and work with SBI Card and hope to bring something favorable to credit card users. It is exciting to see how the three companies will work together on one credit and what the outcomes will be.