One97 Communications Limited (OCL)-owned Paytm has partnered with NPCI and SBI Card to launch Paytm SBI Card on the RuPay network, the company said in a stock exchange filing on Thursday.
On joining, the customers can get privileges worth up to Rs 75,000 with a complimentary Paytm First Membership that includes OTT platform membership, and flight ticket discounts through the Paytm app.
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.
“Together with SBI Card, Paytm RuPay Credit Card will be a great choice for consumers. Our users are already savvy on QR code-based payments and with RuPay credit cards working on UPI QR codes, transactions through mobile phones will get a further boost, marking a new era in digital payments,” said Vijay Shekhar Sharma, Founder and CEO, Paytm.
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 ₹1,00,000 cyber fraud insurance coverage in the case of ‘Platinum’ cardholders, the company said in its statement.
“We partnered with Paytm to launch this card with the intent to make credit cards more accessible to young and digitally-evolved customers. 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,” said Rama Mohan Rao Amara, MD & CEO, SBI Card.
“Since NPCI’s launch of credit card services on UPI, we are constantly working towards providing unique, value-based RuPay credit cards. It is exciting to see RuPay progressively establishing itself as a modern, contemporary, and youthful brand by offering customized value propositions backed by cutting edge technology,” said Praveena Rai, COO, NPCI.
