One97 Communications Limited, which owns the mobile payment brand Paytm, on Thursday joined hands with credit card issuer SBI Card and the National Payments Corporation of India for what they call it as an initiative for the growth of inclusive, digital first financial services in India. On this occasion, the company launched the Paytm SBI Card on RuPay network.
“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”, Paytm founder and chief executive officer Vijay Shekhar Sharma said at an event in Mumbai.
According to the company, this new card offers exceptional rewards and benefits for the users. The customers can enjoy exclusive privileges worth up to ₹75,000 through a Paytm First membership which includes OTT platform membership and flight ticket discounts through the app.
The Paytm SBI card also offers rewards and savings when used on the Paytm app. The card holders will get a cashback of three per cent on Paytm SBI card when they book movie and travel tickets on the app, two per cent cashback on all other purchases on the Paytm app and one per cent cashback on spends elsewhere.
“We are delighted to take our valuable partnership with SBI Card to the next level with the launch of our innovative co-branded credit cards powered by the indigenous RuPay network, catering to the ever-evolving needs of India’s youth and professionals”, Bhavesh Gupta, president and chief operating officer, Paytm, 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”, Rama Mohan Rao Amara, MD & CEO, SBI Card, said.
NPCI’s chief operating officer Praveena Rai said,“Since NPCI’s launch of credit card services on UPI, we are constantly working towards providing unique, value-based RuPay credit cards. It is exciting to see RuPay progressively establishing itself as a modern, contemporary, and youthful brand by offering customized value propositions backed by cutting-edge technology.”
The credit cards will provide consumers with exclusive Paytm First membership worth ₹750, which has other numerous exciting offerings. The Paytm SBI Card comes with 3% cashback on travel, and movie purchases through the Paytm ecosystem.
Besides this, the cardholders of either variant will be entitled to two per cent cashback on all Paytm ecosystem spends and one per cent cashback on all other purchases except wallet reloads and fuel expenditures. They will also receive the added benefit of a one per cent fuel surcharge waiver and ₹1,00,000 cyber fraud insurance coverage in the case of ‘Platinum’ cardholders, Paytm said.