SBI Card, a pure play credit card issuer and Paytm have joined hands to launch India’s next generation credit cards. Available in two variants, Paytm SBI Card and Paytm SBI Card SELECT, the product has been launched on the Visa platform. This launch is in line with SBI Card’s endeavour to offer customers tailored products which bring maximum value in line with spending needs and to encourage digital forms of payments for a safe and enhanced customer experience.
Paytm 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. 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 users can register for the card from the app in less than 1 minute.
Designed for the new age, digitally savvy customers, Paytm SBI Card and Paytm SBI Card SELECT will bring customers rewards and savings upon using the card on the Paytm app as well as millions of online and offline stores. Cardholders receive cashback of 5% and 3% on Paytm SBI Card SELECT and Paytm SBI Card respectively, upon booking movie tickets and travel tickets on Paytm app as well as on purchasing items from Paytm Mall. For other spends on Paytm app using the Paytm SBI Cards, cardholders receive 2% cashback while 1% cashback is offered on spends elsewhere. The Paytm ecosystem offers a host of purchase categories and the Paytm SBI Card brings regular Paytm users a multitude of cashbacks on their most relevant spending categories.
The card will be available to customers around Diwali. However, 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.
Talking about the association with Paytm, Ashwini Kumar Tewari, MD & CEO, SBI Card said, “The credit card industry in India remains largely under-penetrated. Also, given the current scenario where social distancing is a way of life and cashless payments are a safer alternative, there has been a renewed impetus to digital payments from all corners. Our strategic partnership with Paytm is intended towards making credit cards more accessible to all. 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.”
Paytm SBI Card SELECT customers get complimentary Priority Pass Membership for first two card membership years as well as four complimentary domestic airport lounge visits per year. Along with these benefits, the cards also reward customers for their loyalty through various annual milestone benefits. Paytm SBI Card SELECT customers can avail gift vouchers of up to Rs 6000 annually on achieving certain milestone spends while Paytm SBI Card customers get complimentary Paytm First Membership Voucher upon achieving annual retail spends of Rs. 1 lakh. The cardholders also get 1% fuel surcharge waiver along with cyber fraud insurance cover of Rs 1 lakh and Rs 2 lakh respectively for Paytm SBI Card and Paytm SBI Card SELECT.
Paytm has digitised the entire credit card experience on the Paytm app — from the application process to tracking & issuance of the credit card. The service offers the flexibility of choosing a convenient time on the app itself for the collection of documents along with online tracking of card issuance & delivery. The seamless application process will reduce the rate of application rejections and will enable more people to participate in the formal credit system.
Customers can apply for the Paytm SBI Card and Paytm SBI Card SELECT online through the Paytm App. Both the cards can be availed at the annual fee of Rs 499 and Rs 1499 respectively. Customers will also have an option to choose from two-colour variants on the Paytm App.
Bhavesh Gupta, CEO of Paytm Lending said, "We proudly welcome SBI Card as our partner to introduce India's most sincere credit card with intelligent features and great rewards that never expire. 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. Our partnership aims towards democratising access for credit cards amongst masses. We believe this can transform the credit market by bringing 'new to credit' users into the formal economy” and providing a truly personalised card management experience to our customers."