NE BUSINESS BUREAU
AHMEDABAD, NOV 4
SBI Cards and Payment Services (SBI Card) on Wednesday said it has launched credit cards in partnership with the digital payment platform Paytm, a joint release said.
Available in two variants, Paytm SBI Card and Paytm SBI Card SELECT, the product has been launched on the Visa platform.
This launch is in line with SBI Card’s endeavour to offer customers tailored products that bring maximum value in line with spending needs and to encourage digital forms of payments for a safe and enhanced customer experience, SBI Card said in a release.
The partnership aims to bring ”new to credit” users into the formal economy and empowering them to control their finances. The card which can be used across Paytm ecosystem, third-party platform, and offline retail stores, will also enable a digital process for the card application, issuance and managing the expenses, it said.
SBI Card said the Paytm variants of the card are equipped with Tap to Pay feature for seamless, contactless payments.
“The credit card industry in India remains largely under-penetrated. 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,” said Ashwini Kumar Tewari, MD & CEO, SBI Card.
SBI Card 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 added.
“Further, in an innovative move, we will be underwriting customers basis their transaction history on Paytm, thereby bringing the Paytm SBI Card seamlessly to a huge customer base,” Tewari said.
The card is designed to benefit India’s aspiring youth and evolved professionals, said Bhavesh Gupta (CEO – Paytm Lending).
T R Ramachandran, Group Country Manager, India, and South Asia, Visa said the tap to pay a benefit at times like these, the premium offers and discounts packaged into this card makes it a good value proposition for Indian customers.
The cards deliver value from the point of enrolment itself, offering welcome benefits like complimentary Paytm First membership worth Rs 750. Paytm SBI Card SELECT also offers cardholders Rs 750 cashback upon first use.
Paytm SBI Card SELECT customers get complimentary Priority Pass Membership for the first two card membership years as well as four complimentary domestic airport lounge visits per year. Along with these benefits, the cards also reward customers for their loyalty through various annual milestone benefits. Paytm SBI Card SELECT customers can avail gift vouchers of up to Rs 6000 annually on achieving certain milestone spends while Paytm SBI Card customers get complimentary Paytm First Membership Voucher upon achieving annual retail spends of Rs. 1 lac. The cardholders also get 1% fuel surcharge waiver along with cyber fraud insurance cover of 1 lac and 2 lacs respectively for Paytm SBI Card and Paytm SBI Card SELECT.
Customers can apply for the Paytm SBI Card and Paytm SBI Card SELECT online through the Paytm App. Both the cards can be availed at the annual fee of Rs 499 and INR 1499 respectively. Customers will also have an option to choose from two-colour variants on the Paytm App.
