Cardholders will also receive the added benefit of a 1% fuel surcharge waiver and Rs 1,00,000 cyber fraud insurance coverage in the case of ‘Platinum’ cardholders, the company said in its statement.
Mumbai: One97 Communications Limited (OCL) that owns Paytm on Thursday partnered with SBI Card and Payment Services Ltd to launch Paytm SBI Card on the RuPay network. The company in a stock exchange filing said the move aims to expand access to credit and foster financial inclusion by bringing ‘new to credit’ users into the formal economy.
“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,” said Bhavesh Gupta, President and Chief Operating Officer, Paytm.
“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,” said Rama Mohan Rao Amara, MD & CEO, SBI Card.
One97 Communications Limited said the company is offering privileges worth up to Rs 75,000 with a complimentary Paytm First Membership that also includes OTT platform membership, flight ticket discounts through the Paytm app.
Apart from this, the cardholders will also 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.
Cardholders will also receive the added benefit of a 1% fuel surcharge waiver and Rs 1,00,000 cyber fraud insurance coverage in the case of ‘Platinum’ cardholders, the company said in its statement.
Rama Mohan Rao Amara, MD & CEO, SBI Card, said, “We partnered with Paytm to launch this card with the intent to make credit cards more accessible to young and digitally-evolved customers. 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.”