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Paytm is in partnership with various card issuers which will lead to issue two million cards to customers to introduce co-branded credit cards and in the next 12-18 months. PayTm announced that building “Next generation” credit cards which include, insurance protection against fraudulent transactions, a personalised spend analyser, and will offer instant one-touch services for changing of security pin, blocking the card and updating address.
On the Paytm app, to include a digital application process and help customers track issuance of their new credit card the company has digitised the credit card experience. For the collection of documents on the app, it also offers the flexibility of choosing a convenient time. Paytm First was the first co-branded credit card launched in May in partnership with Citigroup by Paytm. The company is now looking to expand into the credit market by enabling “new to credit” users to join the digital economy through this offering.
In our country, credit cards are still considered a product for the affluent sections of the society and not everyone can avail of its benefits. At Paytm, our aim is to provide credit cards that benefit India’s aspiring youth and evolved professionals. These cards are designed to help them lead a healthier financial life through managing and analysing the spends, to make well-informed decisions. Since the cashback will be received directly in the form of Paytm Gift Vouchers, they can be spent anywhere. It will also give great lifestyle benefits for the users in the form of discount vouchers and complimentary memberships across travel, entertainment, food, and many such categories.