One97 Communications Limited (OCL) that owns Paytm has partnered with SBI Card and Payment Services Ltd to launch Paytm SBI Card on the RuPay network.
This move aims to expand access to credit and foster financial inclusion by bringing ‘new to credit’ users into the formal economy, company said in a release.
“With this partnership, we aim 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,” said Bhavesh Gupta, President and Chief Operating Officer, Paytm.
“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,” said Rama Mohan Rao Amara, MD & CEO, SBI Card.
The company is offering privileges worth up to Rs 75,000 with a complimentary Paytm First Membership that also includes OTT platform membership, flight tickets discounts through Paytm app.
Further, cardholders receive cashback of 3 percent on Paytm SBI Card on booking movie and travel tickets on the Paytm app, 2 percent cashback on all other purchases on Paytm App, and 1 percent cashback on spends elsewhere, release said.
Paytm and SBI Cards had begun their partnership in 2020.
