Paytm launches credit card with SBI, NPCI

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One97 Communications Limited (OCL) that owns the brand Paytm, on Thursday  launched a co-branded RuPay credit in partnership with SBI Card and NPCI. The  Three homegrown brands have joined hands to push credit inclusion in the country.

The card will have several features including spend-based cashback points and milestone benefits. It will also drive convenience by enabling customers to use the Paytm SBI Card on RuPay network, where UPI payments through credit cards will be live soon. It aims to expand access to credit and foster financial inclusion by bringing ‘new to credit’ users into the formal economy

The Paytm and SBI Card partnership is now expanding with the addition RuPay, to further drive the growth of inclusive, digital-first financial services in India. The next-generation co-branded card redefines the credit card experience by offering exceptional rewards and benefits for its users.

As a welcome gift, customers can enjoy exclusive privileges worth up to Rs 75,000 with a complimentary Paytm First Membership that will includes OTT platform membership, flight tickets discounts through Paytm app. Designed for the digitally savvy, the cards offer rewards and savings when used on the Paytm App and millions of online and offline stores. Cardholders can receive cashback of 3% on Paytm SBI Card on booking movie and travel tickets on the Paytm app, 2% cashback on all other purchases on Paytm App, and 1% cashback on spends elsewhere.

Vijay Shekhar Sharma, Founder and CEO, Paytm said, “India is at the cusp of the next payments revolution where credit will become the mainstream payment choice. Together with SBI Card, Paytm RuPay Credit Card will be a great choice for consumers. Our users are already savvy on QR code-based payments and with RuPay credit cards working on UPI QR codes, transactions through mobile phones will get a further boost, marking a new era in digital payments.”

Rama Mohan Rao Amara, MD & CEO, SBI Card said “We partnered with Paytm to launch this card with the intent 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 and with its launch on RuPay network we are further strengthening product value proposition. With RuPay’s extensive reach across India and acceptance of RuPay credit cards on UPI, customers can leverage this card to derive maximum value from their spends.”