Indian e-commerce payments giant Paytm has tied-up with the country’s major credit card issuer SBI Card to roll out co-branded contactless credit cards.
The new cards come in two variants, Paytm SBI Card and Paytm SBI Card SELECT.
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These cards, which have been launched on the Visa platform, include smart app features.
These include instant one-touch services such as blocking/ unblocking the card for online transactions, blocking the card in the event of loss, issuance of a duplicate card and viewing outstanding credit-limit.
Furthermore, the Paytm SBI Cards also provide the users with an option to switch off the card for contactless payments or international transactions when not needed. This is aimed at addressing security concerns.
Additionally, the cards offer a personalised spend analyser to assist cardholders in evaluating their expenses and planning future spends.
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By GlobalDataPaytm Lending CEO Bhavesh Gupta said: “We proudly welcome SBI Card as our partner to introduce India’s most sincere credit card with intelligent features and great rewards that never expire. Our cards are truly designed to benefit India’s aspiring youth and evolved professionals.
“We believe this can transform the credit market by bringing ‘new to credit’ users into the formal economy” and providing a truly personalised card management experience to our customers.”
Cardholders receive cashback of 5% and 3% on Paytm SBI Card when booking movie and travel tickets on Paytm app and also while purchasing items via Paytm Mall.
The new cards, which can be applied for via Paytm app, will be available to users this month itself.
SBI Card managing director and CEO Ashwini Tewari said: “Through this partnership, we will also be able to leverage Paytm`s extensive reach to bring new-age, digitally evolved consumers across India, a safe, convenient, and rewarding payment solution, combined with the benefits of a credit card.”
In April this year, Paytm partnered with Mastercard to begin issuing physical and virtual debit cards.
The Indian payments firm is also eyeing partnerships with various card issuers to roll out as many as two million co-branded credit cards in the next 12-18 months.
