Financial Services platform Paytm has joined together with credit card organization SBI Card to launch Paytm-SBI Card co-branded credit cards. The co-branded credit cards are available in two variants, Paytm SBI Card and Paytm SBI Card SELECT, these products have been launched on the Visa platform. The settlement rails are being given by Visa. This is subsequently the second credit card item from Paytm, the first was launched in collaboration with Citibank.
Among the card’s multiple new highlights, cardholders will have the option to obstruct or unblock the card through a single snap on both the Paytm app as well as the SBI Card app, even contactless payments can be turned off likewise to prevent fraudulent activities during international travels or in case of card loss all through just a click. Interested customers can apply for the card through the Paytm app.
This strategy is as per Paytm’s endeavor to develop as a bigger financial budgetary services player going past advanced payments, foraying into loaning, insurance, broking, and mutual funds. For each transaction exchange done on the card, there will be cashback offered and extra cashback will be offered out to card transactions done on Paytm app and Paytm Mall app.
Ashwini Kumar Tewari, managing director, SBI Card stated that the company’s key strategic collaboration with Paytm is proposed towards making credit cards more open to all. Through this collaboration, the company will likewise have the option to use Paytm’s broad reach to bring new-age, digitally developed buyers across India, a safe and protected, advantageous, and compensating payment arrangement, combined with the advantages of a credit card. The lender will assess candidates based on chronicled transactions undertaken by the client on the Paytm app.
Bhavesh Gupta, who heads the lending at Paytm, brought up that this product will help democratize credit cards in an in any case credit-starved market. In India, there are just around 55 million credit cards with industry gauges recommending around 30 to 35 million unique clients. To place this number in context, there are more than 300 million department reports, that is individuals who have taken credit from formal diverts in some structure or the other.