Paytm announce that it has partner with SBI Card to launch Paytm SBI Card on the RuPay network. The Paytm and SBI Card partnership, which began in 2020, is now expanding with the addition of National Payments Corporation of India’s RuPay, as all three home-grown brands join forces to further drive the growth of inclusive, digital-first financial services in the country.
Paytm founder and CEO Vijay Shekhar Sharma told reporters that India is at the cusp of the next payments revolution where credit will become the mainstream payment choice.
Vijay Shekhar Sharma Said :
Cardholders of either variant will be entitle 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 Rs 1,00,000 cyber fraud insurance coverage in the case of ‘Platinum‘ cardholders.
As a welcome benefit, customers can enjoy exclusive privileges worth up to Rs. 75,000 with a complimentary Paytm First membership that also includes OTT platform membership, flight ticket discounts through Paytm app.
Cardholders will receive a 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.
Bhavesh Gupta, President and Chief Operating Officer, Paytm, said :
With this partnership, Paytm aims to revolutionise the way credit is consumed in India, by bringing ‘new to credit‘ users into the formal economy by offering a seamless and rewarding experience, Bhavesh Gupta added.
Speaking at the launch SBI Card MD and CEO Rama Mohan Rao Amara said :
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, Rama Mohan Rao Amara added.
NPCI COO Praveena Rai said :