Paytm on Monday announced it will launch credit cards with cashback offers, and offer an all-round digital experience. To enable the process, Paytm will partner with leading banks. The company aims to issue two million credit cards in the next 12-18 months and capture at least 10% of the credit card market in India which currently stands at 3%.The
The Company said that its new credit card has been designed to “democratise the access to a formal credit system for the masses”. Credit cards will come with features such as instant one-touch services for charging the security pin number, updating the address, blocking the card, issuing a new card, and viewing the outstanding credit-limit as well. Paytm will also provide spending tips for users based on their usage.
Talking about launching credit cards, 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. 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.” With its credit card, Paytm aims to bring the credit card experience to the young professionals and the college-goers.
