Payments and financial services company paytm on Thursday announced that it has partnered with 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 home-grown brands join forces to further drive the growth of inclusive, digital-first financial services in the country.
Paytm founder and CEO Vijay Shekhar Sharma told reporters that India is at the cusp of the next payments revolution where credit will become the mainstream payment choice.
According to the company, this new card offers exceptional rewards and benefits for the users. The customers can enjoy exclusive privileges worth up to ₹75,000 through a Paytm First membership which includes OTT platform membership and flight ticket discounts through the app.
According to Paytm, the cards offer rewards and savings when used on the Paytm App and also at online and offline stores. Using this card on Paytm app, the users will receive a cashback of 3% on booking movie and travel tickets, 2% cashback on all other purchases on its app, and 1% cashback on spends elsewhere.
Commenting on the initiative, Praveena Rai, COO, NPCI, said, “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 customised value propositions backed by cutting-edge technology.”
Besides this, the cardholders of either variant will be entitled to two per cent cashback on all Paytm ecosystem spends and one per cent cashback on all other purchases except wallet reloads and fuel expenditures. They will also receive the added benefit of a one per cent fuel surcharge waiver and ₹1,00,000 cyber fraud insurance coverage in the case of ‘Platinum’ cardholders, Paytm said.
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