Paytm on Monday announced the launch of its new credit cards – Paytm Card – in India. The company said that it has partnered with various card issuers to launch co-branded credit cards. Paytm plans to issue two million cards to customers in the next 12-18 months.
Talking about introducing 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.”
Paytm Card credit card features
Paytm will partner will various card issuers and banks to provide credit cards to users. The company has said that aims to provide complete control to cardholders to manage their transactions in real-time. The Paytm credit cardholders will get to instantly change the security pin number, update the address, block the card in case of loss or fraud prevention, apply for a duplicate card, and view outstanding credit-limit. It will also provide insurance protection against fraudulent transactions to protect users’ money.
“This service will also come with a personalized spend analyzer helping in assessing expenses and planning future spends smartly. All this makes for a wholesome customer experience, where the entire universe of services related to the credit card account can be availed of. There is absolutely no need to visit the bank branch or call customer support,” the company said in a statement.
First-time users will not have to go to a bank branch or call customer support, everything can be done through the app. Users can apply through the app and can also track the issuance of the new credit card on the card. The documents collection can happen at the time and date chosen by the customer.
The company will offer users the option of turning off the credit card for contactless payments or international transactions if it is not in use. This step would be taken to curb online frauds.
Paytm had unveiled the first credit card called Paytm first in partnership with Citibank.
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