After so much hype and news floating around, Paytm has finally launched their credit card in partnership with Citibank. This is a similar co-branded card that retailers and airlines offer.
The contactless credit card from Paytm offers one percent cash back with no restriction on earning categories. The card carries an annual fee of Rs. 500 which could be waived off if spends exceed Rs 50,000 in any given particular year. The cash backs earned shall be directly credited to the card by end of every month. Paytm First credit card will be accepted worldwide.
Customers can apply for a credit card on their Paytm app, where they will also be able to conveniently track offers through the Paytm First Card passbook. The online passbook would highlight exclusive offers from both Paytm and Citi bank on a real-time basis alongside enabling customers to track their credit card transactions. The card would also bring exclusive offers on dining, shopping, and travel among others through Citi Privileges platform.
Since this is a co-branded card, both Paytm and Citibank shall take necessary steps in order to check individual creditworthiness and potential base. It will also help the people to have Paytm First credit card who do not have a credit history.
On the launch, Vijay Shekhar Sharma said
“We are delighted to partner with Citi to launch the Paytm First Card. Our new offering is designed to bring the utmost flexibility to our customers in their digital payment options and will help spur large-ticket cashless payments. We are confident of getting a very good response from our customers.”
The parent company of Paytm, One97 Communications has already been into business with Citi bank since 2009. One97 Communications started as Commercial Banking client to Citi in 2009. One97 Communications started as a Citi commercial banking client back in 2009. Citi was also selected as an advisor on the initial investment by Ant Financial in 2016. Paytm wallet got integrated within Citibank online and mobile app in 2016 to ease wallet top ups online for the customers.
Shinjini Kumar, Country Business Manager, Global Consumer Bank, Citibank India, added,
“The introduction of Paytm First Card is reflective of Citi’s commitment to partner with leading brands and to expand India’s digital ecosystem. Integrating the Citi service experience within a Paytm proposition will build engagement, thereby driving usage.”
Source : Your Story