Payments and financial services company Paytm on Thursday announced that it has partnered with SBI Card to launch Paytm SBI Card on the RuPay network.
The Paytm and SBI Card partnership, which began in 2020, is now expanding with the addition of National Payments Corporation of India's RuPay, as all three home-grown brands join forces to further drive the growth of inclusive, digital-first financial services in the country.
Paytm founder and CEO Vijay Shekhar Sharma told reporters that 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," he added.
Cardholders of either variant will be entitled to 2 per cent cashback on all Paytm ecosystem spends and 1 per cent cashback on all other purchases except wallet reloads and fuel expenditures.
They will also receive the added benefit of a 1 per cent fuel surcharge waiver and Rs 1,00,000 cyber fraud insurance coverage in the case of 'Platinum' cardholders.
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As a welcome benefit, customers can enjoy exclusive privileges worth up to Rs 75,000 with a complimentary Paytm First membership that also includes OTT platform membership, flight ticket discounts through Paytm app.
Cardholders will receive a cashback of 3 per cent on Paytm SBI card on booking movie and travel tickets on the Paytm app, 2 per cent cashback on all other purchases on Paytm app, and 1 per cent cashback on spends elsewhere.
Bhavesh Gupta, President and Chief Operating Officer, Paytm, said, "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."
With this partnership, Paytm aims to revolutionise the way credit is consumed in India, by bringing 'new to credit' users into the formal economy by offering a seamless and rewarding experience, he added.
Speaking at the launch SBI Card MD and CEO Rama Mohan Rao Amara 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, he added.
NPCI COO Praveena Rai said, "We believe this card will emerge as a keystone credit solution for customers. 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 customised value propositions backed by cutting-edge technology.
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