Paytm has today launched its first credit card – Paytm First Credit Card, in partnership with Citi. The partnership introduces India’s first credit card with 1% universal unlimited cashback and no restrictions on earning categories. The card comes with a contactless payment method and will be acceptable in India and internationally.
The collaboration between Paytm and Citi is part of Paytm’s new subscription-based loyalty program, which it calls ‘Paytm First’. With Paytm First users will get exclusive benefits over the regular cashback on transactions. Users can apply for the credit card using the Paytm app. Additionally, they can also track offers through the Paytm First Card passbook. On minimum spending of Rs 10,000 on the credit card within the first four months, Paytm First Card users will be awarded Paytm promo-codes worth Rs 10,000. Users can use the Paytm First Card passbook to keep track of exclusive offers from Paytm and Citi.
Some of the highlights of the Paytm First Credit Card include:
- Unlimited 1% cash back, without restrictions auto-credited to card every month
- No hidden fees or charges
- Full waiver of an annual fee of INR 500 on spends exceeding INR 50,000 per year
- Attractive Equated Monthly Installment (EMI) options
- Contactless enabled
- Accepted in India and internationally
- Exclusive offers on dining, shopping, travel, amongst others on the globally acclaimed Citi Privileges platform
Vijay Shekhar Sharma, Chairman & CEO, One97 Communications (parent company of Paytm), tweeted about the same on his twitter handle. He said, “We are delighted to partner with Citi to launch the PaytmFirst Card. Our new offering is designed to bring the utmost flexibility to our customers in their digital payment options and will help spur large-ticket cashless payments. We are confident of getting a very good response from our customers.”
On the other hand, Stephen Bird, CEO, Global Consumer Banking, Citi, said, “Paytm First Card gives us the opportunity to extend our expertise in credit card services to a new all-digital consumer base. What began as an institutional relationship for Citi has grown into a stronger and deeper partnership across the Citi franchise. Today’s announcement affirms how Citi is establishing itself globally as the partner of choice to accelerate growth for our partners, customers, and business.”
It’s interesting to see how Paytm is expanding into various domains within the fintech space. What started as a digital wallet to replace cash and cards (debit/credit), now has a Payments bank and credit card.