TheNFAPost Podcast

~Two leading players in digital payments space join hands to launch next-generation credit cards; Aiming to bring new to credit users into the formal economy and empowering them to control their finances

~ Enables digital process for the card application, issuance and managing the expenses; Can be used across the Paytm ecosystem, third-party platforms & offline retail stores

~ Reimagines rewards & benefits with unlimited upfront cashback and lifestyle privileges; Equipped with Tap to Pay feature for seamless, contactless payments

New Delhi, NFAPost: SBI Card, India’s largest pure play credit card issuer and Paytm which is India’s leading digital financial services platform have joined hands to launch India’s next generation credit cards. 

Available in two variants, Paytm SBI Card and Paytm SBI Card SELECT, the product has been launched on the Visa platform. Paytm SBI Cards completely reimagine the credit card experience by enabling smart app features and providing superior rewards & benefits for its users. 

This launch is in line with SBI Card’s endeavor 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.

Customers can use Paytm SBI Card and Paytm SBI Card SELECT to maximize savings on following:

•	Upto 5% Cashback on Paytm
o	Movie Tickets
o	Paytm Mall (Paytm ecommerce store where they can buy clothes, electronics, gadgets etc.)
o	Travel Tickets (Bus, Train, Flights)
•	2% Cashback on other spends on Paytm App
o	Utility Bills, Mobile Recharge  etc.)
•	1% Cashback on all other online & offline spends

Paytm aims to empower users to control their cards through smart one tap features on their Paytm app itself. Paytm SBI Cards will be equipped with instant one-touch services such as blocking/ unblocking the card for online transactions, blocking the card in case of loss, issuance of a duplicate card and viewing outstanding credit-limit.

Safeguard against fraud

It will also offer the option to safeguard users against fraud by switching off the card for contactless payments or international transactions when not required. The service will also come with a personalized spend analyzer helping in assessing expenses and planning future spends smartly. Paytm users can register for the card from the app in less than 1 minute.

Designed for the new age, digitally savvy customers, Paytm SBI Card and Paytm SBI Card SELECT will bring customers rewards and savings upon using the card on the Paytm app as well as millions of online and offline stores. Cardholders receive cashback of 5% and 3% on Paytm SBI Card SELECT and Paytm SBI Card respectively, upon booking movie tickets and travel tickets on Paytm app as well as on purchasing items from Paytm Mall. 

For other spends on Paytm app using the Paytm SBI Cards, cardholders receive 2% cashback while 1% cashback is offered on spends elsewhere. The Paytm ecosystem offers a host of purchase categories and the Paytm SBI Card brings regular Paytm users a multitude of cashbacks on their most relevant spending categories.

Early access

The card will be available to customers around Diwali. However, select customers have a chance to apply for Early Access to the card by joining the waitlist that has gone live on the Paytm App from 1st Nov.

Talking about the association with Paytm, SBI Card MD & CEO Ashwini Kumar Tewari said the credit card industry in India remains largely underpenetrated.

“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 SBI Card MD & CEO Ashwini Kumar Tewari.

Through this partnership, SBI Card MD & CEO Ashwini Kumar Tewari said 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.

Transaction history

“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,” said SBI Card MD & CEO Ashwini Kumar Tewari.

Paytm Lending CEO Bhavesh Gupta said Paytm proudly welcome SBI Card as the company’s partner to introduce India’s most sincere credit card with intelligent features and great rewards that never expire.

“Our cards are truly designed to benefit India’s aspiring youth and evolved professionals. These cards will help them lead a healthier financial life by managing and analyzing their spends through the Paytm app and make well-informed financial decisions. Our partnership aims towards democratizing access for credit cards amongst masses,” said Paytm Lending CEO Bhavesh Gupta.

Paytm Lending CEO Bhavesh Gupta said the company believes this can transform the credit market by bringing ‘new to credit’ users into the formal economy” and providing a truly personalized card management experience to our customers.” 

Commenting on the development, Visa Group Country Manager India and South Asia T R Ramachandran said Visa is delighted to join hands with two of its valued partners in India, SBI Card and Paytm to bring this unique offering to the market.

Premium offers

“Besides the relevance of the tap to pay card at times like these, the premium offers and discounts packaged by the three partners into this card make it an exciting offering for Indian consumers. We are excited about the prospect of this exclusive partnership introducing  products and solutions to onboard a new generation of Indians to digital payments,” said Visa Group Country Manager India and South Asia T R Ramachandran.

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 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 INR 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.

Paytm has digitised the entire credit card experience on the Paytm app — from the application process to tracking & issuance of the credit card. The service offers the flexibility of choosing a convenient time on the app itself for the collection of documents along with online tracking of card issuance & delivery. The seamless application process will reduce the rate of application rejections and will enable more people to participate in the formal credit system.

Highlights of Paytm SBI Card SELECT and Paytm SBI Card

Paytm SBI Card SELECT

Welcome Benefit – Complimentary Paytm First Membership and  INR 750 Cashback

Up to 5% Cashback on Paytm App spends and 1% Cashback on spend elsewhere

Gift Vouchers worth up to INR 6000 on achieving milestone spends

Complimentary Priority Pass Membership & Domestic Lounge Access

Cyber Fraud Insurance cover of Rs. 2,00,000

1% Fuel Surcharge Waiver

Paytm SBI Card

Welcome Benefit: Complimentary Paytm First Membership

Up to 3% Cashback on spends on Paytm App and 1% Cashback on other spends 

Complimentary Paytm First Membership Voucher on card renewal

1% Fuel Surcharge Waiver

Cyber Fraud Insurance cover of INR 1,00,000

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 INR 499 and INR 1499 respectively. Customers will also have an option to choose from two-color variants on the Paytm App.

SBI Cards and Payment Services Limited (formerly known as SBI Cards and Payment Services Private Limited) (“SBI Card”) is a non-banking financial company that offers extensive credit card portfolio to individual cardholders and corporate clients which includes lifestyle, rewards, travel & fuel and banking partnerships cards along with corporate cards covering all major cardholders’ segments in terms of income profile and lifestyle.

Customer acquisition

Presently, the brand has a wide customer base of over 11 million. It has a diversified customer acquisition network that enables to engage prospective customers across multiple channels. SBI Card is a technology-driven company. The brand name of the company is ‘SBI Card’ and it is registered in the name of ‘SBI Cards and Payment Services Limited’. The company is trading under the entity name ‘SBICARD’ on stock exchanges.

Paytm is India’s leading digital financial services platform that offers full-stack payments & financial solutions to consumers, offline merchants and online platforms.

The company is on a mission to bring half a billion Indians into the mainstream economy through payments, commerce, banking, investments, and financial services. One97 Communications Limited that owns the brand Paytm is founded by Vijay Shekhar Sharma and is headquartered in Noida, Uttar Pradesh. Its investors include Softbank, Ant Financial, AGH Holdings, SAIF Partners, Berkshire Hathaway, T Rowe Price, and Discovery Capital.

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