One 97 Communications, a popular Indian mobile payment platform and Paytm's parent company is joining forces with SBI Card, a leading credit card issuer, to introduce the highly anticipated Paytm SBI Card on the RuPay network.
RuPay (portmanteau of Rupee and Payment) is an Indian multinational financial services and payment service system, conceived and launched by the National Payments Corporation of India (NPCI) in 2014. As of November 2020, nearly 1,158 banks had issued approximately 603.6 million RuPay cards. However, a big part of this share included debit cards, with only 970,000 being credit cards, according to Paytm.
This dynamic collaboration is one with an aim to revolutionize the credit card landscape, catering specifically to expand access to credit and foster financial inclusion across the population in the country. Cardholders can enjoy exclusive privileges worth up to ₹75,000, including perks like access to premium OTT platforms and enticing discounts on flight tickets when booking through the Paytm app.
Besides this, the Paytm SBI Card rewards cardholders for their spending habits. Movie buffs and travel enthusiasts can earn a fantastic three per cent cashback on movie and travel ticket bookings made on the app. And for all other purchases on the Paytm app, a generous two per cent cashback awaits. Even outside the app, they'll still be treated to a delightful one per cent cashback (excluding wallet reloads and fuel expenses).
Overall, this partnership between Paytm and SBI Card, facilitated by the RuPay network, aims to offer enhanced credit card benefits and a seamless digital payment experience to Indian consumers, catering specifically to the needs of the younger generation.