Paytm has combined with Citi to launch a credit card, called the Paytm First Card. The new credit card is publicly acclaimed to offer one percent “universal unlimited cashback” to customers and users along with no constraints on profiting upon different categories. While the Paytm First Card comes with an annual fee of Rs. 500, the fee is claimed to be neglected if the spends exceed Rs. 50,000 per year. The Paytm First Card is related to co-branded credit cards that retailers and airlines offer.
Clients can lay on for the Paytm First Card directly from the Paytm app, though it will be given on the basis of individual digital behavior, the company said in a statement. The card will offer Paytm promo codes worth Rs. 10,000 on spending a minimum of Rs. 10,000.
Paytm affirms that it will offer unlimited one percent cash back, “without restrictions, auto-credited every month,” through the new credit card. The passbook of the credit card will also focus on exclusive offers from both Paytm and Citi on an actual-time basis parallel to enabling customers to track their credit card transactions.
Citi and Paytm have collectively agreed upon to build a selection tool to analyze the probable base and approach that it is trustworthy with money. This will help enable customers to own a credit card without depending upon former credit history.
- “Our new offering is designed to bring utmost flexibility to our customers in their digital payment options will help spur large-ticket cashless payments,” said Vijay Shekhar Sharma, Chairman, and CEO, One97 Communication, in the statement.
It is eloquent to mention that this isn’t the first time when Paytm and Citi have come together to take on the competition. Paytm parent company One97 Communications started as a Citi commercial banking client back in 2009. Citi was also selected as an advisor on the initial investment by Ant Financial in 2016. Similarly, Paytm wallet got integrated within Citibank online and mobile app in 2016.