Mumbai: SBI Card and Paytm have announced to launch India’s next generation credit cards. Available in two variants, Paytm SBI Card and Paytm SBI Card SELECT, the products have been launched on the Visa platform. Paytm SBI Card holders will be empowered to control their cards through smart one tap features available on both SBI Card mobile app and Paytm app.
Paytm SBI Card variants 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. 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.
Ashwini Kumar Tewari, MD & CEO, SBI Card said, “Our strategic partnership with Paytm is intended towards making credit cards more accessible to all. Through this partnership, we 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.”
Bhavesh Gupta, CEO, Paytm Lending said, “Our partnership aims towards democratizing access for credit cards amongst masses. We believe 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.”
TR Ramachandran, Group Country Manager, India and South Asia, Visa said, “We are delighted to join hands with two of our valued partners in India, SBI Card and Paytm to bring this unique offering to the market.”
SBI Card and Paytm have digitized the entire credit card experience from the application process to tracking and issuance of the credit card. The service offers the flexibility of choosing a convenient time on the Paytm app itself for the collection of documents along with online tracking of card issuance and delivery. The seamless application process will reduce the rate of application rejections and will enable more people to participate in the formal credit system.