(IANS) Leading digital financial services platform Paytm and SBI Card on Wednesday said they have joined hands to launch co-branded credit cards.
Available in two variants, Paytm SBI Card and Paytm SBI Card SELECT, the product has been launched on the Visa platform.
The announcement comes barely a fortnight after Paytm said it will partner with various card issuers to introduce co-branded credit cards and was aiming to issue 20 lakh cards in the next 12-18 months.
Paytm then said that it entered the credit card business to enable “new to credit” users to join the digital economy.
“Our strategic partnership with Paytm is intended towards making credit cards more accessible to all,” Ashwini Kumar Tewari, MD & CEO, SBI Card, said in a statement.
“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.
“Further, in an innovative move, we will be underwriting customers basis their transaction history on Paytm, thereby bringing the Paytm SBI Card seamlessly to a huge customer base,” Tewari said.
The card will be available to customers around Diwali, Paytm said, adding that select customers have a chance to apply for Early Access to the card by joining the waitlist that has gone live on the Paytm App from November 1.
Paytm said it aims to empower users to control their cards through smart one tap features on their Paytm app itself.
Paytm SBI Cards will be equipped with instant one-touch services such as blocking/ unblocking the card for online transactions, blocking the card in case of loss, issuance of a duplicate card and viewing outstanding credit-limit, the company said.
It will also offer the option to safeguard users against fraud by switching off the card for contactless payments or international transactions when not required.
The service will also come with a personalised spend analyser helping in assessing expenses and planning future spends smartly, Paytm said.
“Our cards are truly designed to benefit India’s aspiring youth and evolved professionals. These cards will help them lead a healthier financial life by managing and analysing their spends through the Paytm app and make well-informed financial decisions,” said Bhavesh Gupta, CEO – Paytm Lending.