Paytm's parent company One97 Communications Ltd has partnered with SBI Card and the National Payments Corporation of India (NPCI) to launch the Paytm SBI Card on the RuPay network. The cardholders will get discounts on transactions through the Paytm mobile app using the card.
"Cardholders 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," the company said.
Earlier this year, the Reserve Bank of India (RBI) allowed users to link RuPay credit cards to the United Payments Interface (UPI). NPIC later said that it has enabled key aggregators like Paytm, Google Pay, BharatPe, and PayU to help merchants make transactions through RuPay credit cards on UPI in India.
"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," said Praveena Rai, chief operating officer (COO) of Paytm.
"We partnered with Paytm to launch this card with the intent to make credit cards more accessible to young and digitally-evolved customers," said Rama Mohan Rao Amara, managing director (MD) and chief executive officer (CEO) of SBI Card.
The users of both variants, platinum as well classic, 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.
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For platinum cardholders, the users will also receive the added benefit of a 1 per cent fuel surcharge waiver and Rs 1,00,000 cyber fraud insurance coverage.