Paytm announced its collaboration with the National Payments Corporation of India (NPCI) and SBI Card to launch the Paytm SBI Card on the RuPay network.
What Happened? New customers joining the service can access benefits worth up to ₹75,000, along with a complimentary Paytm First Membership that offers memberships to OTT platforms, and discounts on flight tickets via the Paytm app.
Paytm SBI Cardholders can enjoy a 3% cashback on booking movie and travel tickets on the Paytm app, a 2% cashback on all other purchases made through the app, and a 1% cashback on spending elsewhere.
Vijay Shekhar Sharma, Founder and CEO of Paytm, highlighted the partnership with SBI Card and NPCI as a significant evolution, stressing on the greater usage of credit cards on UPI or phone.
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Sweetening the deal: Paytm also detailed additional benefits for cardholders, which include a 2% cashback on all spending within the Paytm ecosystem and a 1% cashback on other purchases, barring wallet reloads and fuel expenditures. ‘Platinum’ cardholders will receive a 1% fuel surcharge waiver and ₹1,00,000 cyber fraud insurance coverage.
Rama Mohan Rao Amara, MD & CEO of SBI Card, stressed on the partnership’s intent to make credit cards more accessible to a digitally evolved, younger demographic. He highlighted the extensive reach of RuPay across India and its acceptance on UPI.
Meanwhile, COO of NPCI, Praveena Rai, acknowledged the ongoing efforts towards offering unique RuPay credit cards backed by advanced technology.
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