The State Bank of India and Paytm in a have launched two different cards for Indian customers in a joint venture. Launched on the Visa platform, Paytm SBI and Paytm SBI card SELECT will provide superior rewards and benefits for its users.
Paytm SBI cards will enable users to control cards through SBI mobile app and Paytm app. It will contain features like instant one-touch services for 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.
Paytm App will also come with a personalised spend analyzer helping in assessing expenses and planning future spends smartly. Paytm users can register their interest in the card from the Paytm app in less than a minute.
Other benefits of using the card include 5 per cent cash back on certain purchases like movie tickets, electronics, and travel tickets; 2 per cent cash back on another spending such as utility bills, mobile recharge, etc. and another 1 percent cash back on all other online and offline spends.
Ashwini Kumar Tewari, managing director of SBI Card, stated that they aim to bring the Paytm SBI Card seamlessly to a huge customer base.
“The credit card industry in India remains largely underpenetrated. 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.” he said.
The benefits of availing of the card will begin a point of enrolment itself, as it will offer welcome benefits like complimentary Paytm First membership worth Rs 750. Paytm SBI Card SELECT has also offered cardholders Rs 750 cashback upon first use.
Furthermore, Paytm SBI Card SELECT customers will get complimentary Priority Pass Membership for the first two years as well as four complimentary domestic airport lounge visits per year. In addition to these benefits, the cardholders will also be rewarded for their loyalty through various annual milestone bonuses.
Paytm SBI Card SELECT customers will be able to avail of gift vouchers of up to Rs 6,000 annually on achieving certain milestone spends while Paytm SBI Card customers will get complimentary Paytm First Membership Voucher upon achieving annual retail spends of Rs 1 lakh. The cardholders will also get 1 percent fuel surcharge waiver along with cyber fraud insurance cover of Rs 1 lakh and 2 lakh respectively for Paytm SBI Card and Paytm SBI Card SELECT.
Bhavesh Gupta, CEO of Paytm Lending has welcomed the partnership and has stated that credit cards with intelligent features will provide benefits for the customers.
“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 analyzing their spending through the Paytm app and make well-informed financial decisions. Our partnership aims towards democratizing access to credit cards amongst the masses. We believe this can transform the credit market by bringing ‘new to credit’ users into the formal economy” and providing a truly personalized card management experience to our customers,” he said.
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