One97 Communications Limited (OCL), that owns the brand Paytm, on Thursday said it has partnered with pure-play credit card issuer 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 homegrown brands join forces to further drive the growth of inclusive, digital-first financial services in India, OCL said in a statement.
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"The next-generation co-branded card redefines the credit card experience by offering exceptional rewards and benefits for its users. As a welcome benefit, customers can enjoy privileges worth up to Rs 75,000 with a complimentary Paytm First Membership that also includes OTT platform membership, flight tickets discounts through Paytm app," it said.
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 will receive cashback of 3 percent on Paytm SBI Card on booking movie and travel tickets on the Paytm app, 2 percent cashback on all other purchases on Paytm App and 1 percent 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."
Bhavesh Gupta, President and Chief Operating Officer, Paytm said, “With this partnership, we aim to revolutionize the way credit is consumed in India, by bringing 'new to credit' users into the formal economy by offering a seamless and rewarding experience.”
According to Rama Mohan Rao Amara, MD & CEO, SBI Card, “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.”
Speaking on the development, Praveena Rai, COO, NPCI, said, “Since NPCI’s launch of credit card services on UPI, we are constantly working towards providing value-based RuPay credit cards."
Cardholders of either variant will be entitled to 2 percent cashback on all Paytm ecosystem spends and 1 percent cashback on all other purchases except wallet reloads and fuel expenditures. They will also receive the added benefit of a 1 percent fuel surcharge waiver and Rs 1,00,000 cyber fraud insurance coverage in the case of ‘Platinum’ cardholders, Paytm said.
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(Edited by : Anshul)
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