On October 19, 2020 Paytm in partnership with various credit card issuers will introduce 2 million co-branded credit cards for consumers in India in the next 12–18 months.
i.The company had digitised the entire credit card experience on Paytm app, in order to include a digital application process and help customers track issuance of their new credit card.
ii.The users can choose a convenient time to collect the documents on the app.
iii.Paytm has also announced that it is building the new ‘Next Generation Credit Cards’ will have diverse one-touch services, including changing security pin number, updating address, blocking card in the event of fraud prevention, issuing duplicate card and viewing outstanding credit limit.
About the Co-branded Credit Cards
Switch off the card
Users can switch off the card for contactless payments or international transactions, when it is not required, to prevent fraudulent transactions
In order to protect the money of the users, the credit card provides insurance protection against fraudulent transactions.
Transparent rewards programme with assured cashback
Paytm credit cards have a transparent rewards programme with assured cashback on every transaction.
The accrued rewards point have no expiry. The users can use these points for various payments in the Paytm ecosystem.
The new digital service of Paytm includes a personalized spend analyzer to help the cardholders to keep track of their expenses and manage them.
Points to be Noted
Currently, the credit card penetration in India stands at 3%, when compared to 320% in markets such as the United States.
- In May, 2019 Paytm in collaboration with Citibank launched its 1st co-branded credit card, called ‘Paytm First Card’.
- Paytm now aims to capture at least 10% of the credit card market share in India.
Recent Related News:
Paytm has launched India’s 1st Pocket Android POS(Point of Sale) Device, ‘Paytm All-in-One Portable Android Smart POS’ for contactless ordering and payments in India. It is an effort to digitise and empower a large number of Small and Medium Enterprises (SMEs). It is integrated with the ‘Paytm for Business’ app to generate GST compliant bills and to manage all transactions & settlements.
Headquarters– Noida, Uttar Pradesh
President– Amit Nayyar