News Update

Paytm and SBI Collaborate to Introduce Cobranded Credit Card on RuPay Network

• ByStartupStory     |    May 18, 2023

One 97 Communications, the parent company of Paytm, revealed a new collaboration on Thursday, joining forces with SBI Card, a credit card issuer. The partnership aims to introduce a cobranded Paytm SBI Card on the RuPay network. RuPay, an electronic payment network overseen by the National Payments Corporation of India (NPCI)

“India is at the cusp of the next payments revolution where credit will become the mainstream payment choice,” Vijay Shekhar Sharma, Paytm’s founder and chief executive, said in a release. “With RuPay credit cards working on UPI QR codes, transactions through mobile phones will get a further boost,” he added.

Customers can enjoy benefits worth up to ₹75,000 by receiving a complimentary Paytm First Membership, which encompasses perks such as membership to OTT platforms, discounted flight tickets, and more, accessible through the Paytm app.

“We partnered with Paytm to launch this card to make credit cards more accessible to young and digitally-evolved customers. Paytm SBI Card has become one of the popular cards in our portfolio and with its launch on the RuPay network, we are further strengthening our product value proposition,” said Rama Mohan Rao Amara, managing director & CEO of SBI Card

Furthermore, cardholders will receive a 2% cashback on all transactions made within the Paytm ecosystem, along with a 1% cashback on all other purchases, excluding wallet reloads and fuel expenses.

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