Paytm, SBI Card and NPCI to launch co-branded RuPay credit cards to drive credit inclusion

Paytm has partnered SBI Card and NPCI to launch next-gen co-branded RuPay credit cards,

The cards offer rewards and savings when used on the Paytm App and millions of online and offline stores. (REUTERS)

One97 Communications Limited (OCL), which owns the brand Paytm, today announced that it has partnered with India's largest pure-play credit card issuer SBI Card, to launch Paytm SBI Card on the RuPay network. The three homegrown brands, Paytm, SBI Card and NPCI, have joined forces to drive credit inclusion. They bring benefits, spend-based cashback points and milestone benefits for the most rewarding experience.

Apart from that, the new product drives convenience by enabling customers to use the Paytm SBI Card on RuPay network, where UPI payments through credit cards will be live shortly. Above all, it looks to expand access to credit and foster financial inclusion by bringing ‘new to credit' users into the formal economy

The Paytm and SBI Card partnership is expanding with the addition of National Payments Corporation of India's RuPay. The next-generation co-branded card redefines the credit card experience by offering exceptional rewards and benefits for its users.

As a welcome benefit, customers can enjoy exclusive privileges worth up to Rs. 75,000 with a complimentary Paytm First Membership that also includes OTT platform membership, flight tickets discounts through Paytm app.

The cards offer rewards and savings when used on the Paytm App and millions of online and offline stores. Cardholders receive cashback of 3% on Paytm SBI Card on booking movie and travel tickets on the Paytm app, 2% cashback on all other purchases on Paytm App, and 1% cashback on spends elsewhere.

Vijay Shekhar Sharma, Founder and CEO, Paytm said, “India is at the cusp of the next payments revolution where credit will become the mainstream payment choice.”

According to Rama Mohan Rao Amara, MD & CEO, SBI Card, “We partnered with Paytm to launch this card with the intent to make credit cards more accessible to young and digitally-evolved customers. Paytm SBI Card has become one of the popular cards in our portfolio and with its launch on RuPay network we are further strengthening product value proposition. 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.”

Speaking on the development, Praveena Rai, COO, NPCI, said, “We believe this card will emerge as a keystone credit solution for customers.”

The co-branded credit cards will provide consumers with exclusive Paytm First membership worth Rs. 750, which comes along with numerous exciting offerings. The Paytm SBI Card comes with 3% cashback on travel, and movie purchases through the Paytm ecosystem.

Cardholders of either variant will be entitled to 2% cashback on all Paytm ecosystem spends and 1% cashback on all other purchases except wallet reloads and fuel expenditures. They 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.