Paytm has announced yet another product entry into the Indian financial market with the launch of credit cards in partnership with various card issuers. Paytm plans to issue nearly 2 million of these co-branded cards in the next 12-18 months and the entire experience will be powered via their Paytm app.
Paytm has introduced tons of features in their app’s credit card card section to make the user experience seamless. For example, customers can quickly access one-touch services such as change of the security pin number, updating the address, blocking the card in case of loss or fraud prevention, issuance of a duplicate card, viewing outstanding credit-limit and more.
Owning a Paytm credit card has also been made easier from within the app, all the way from the application process to tracking & issuance of the credit card. Cards will be issued based on both traditional credit score and user’s Paytm purchase patterns.
And as expected, Paytm Credit cards will have a transparent & compelling rewards program with assured cashback on every transaction. These rewards point have no expiry and users will also be able to utilize those for various payments in the Paytm ecosystem.
Commenting on this announcement, Bhavesh Gupta, CEO — Paytm Lending said:
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 analyzing the spends to make well-informed decisions. This can transform the credit market by bringing ‘new to credit’ users into the formal economy.