Digital payment platform Paytm and SBI Cards and Payment Services (SBI Card) has launched credit cards in partnership. 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 which bring maximum value in line with spending needs and to encourage digital forms of payments for a safe and enhanced customer experience
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 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.
The card is designed to benefit India”s aspiring youth and evolved professioanls, said Bhavesh Gupta (CEO – Paytm Lending).