Digital payments major Paytm has launched ‘Paytm First Card’,which is says is India’s first card with 1% universal unlimited cashback, and no restrictions on earning categories. The cards will be issued by CitiBank. These cards will be accepted in India and internationally.
Paytm First Card comes with a range of offers including unlimited 1% cashback, without restrictions, auto-credited to card every month. Paytm says there are no hidden fees or charges and comes with full waiver of annual fee of INR 500 on spends exceeding INR 50,000 per year.
Paytm customers can apply for the credit card on their Paytm app, where they will also be able to track offers through the Paytm First Card passbook.
Paytm First Card customers will be awarded Paytm promo-codes worth Rs 10,000 on spending a minimum of Rs10,000 on the credit card within the first four months of issuance. The Paytm First Card passbook not only allows customers to track their credit card transactions but also highlights exclusive offers, both from Patym and Citi on a real-time basis.
The Paytm First Card also has benefits such as attractive Equated Monthly Installment (EMI) options and exclusive offers on dining, shopping, travel, amongst others on the Citi Privileges platform.
“Our new offering is designed to bring 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,” Vijay Shekhar Sharma, Chairman & CEO - One97 Communications, the parent of Paytm, said in a statement.
Citi’s relationship with One97 Communications dates back to 2009 when it started as a Citi Commercial Banking client. To support the firm’s growing ambitions, Citi was an advisor on the initial investment by Ant Financial in February 2015 and the subsequent strategic investment by Alibaba Group and Ant Financial Services Group in 2016.
In Nov 2016, Paytm wallet was integrated with Citibank online and mobile app to make it convenient for Citi’s customers, fast adopting paytm wallet, to top it up online. Citi and Paytm have subsequently, and periodically, built exclusive offerings for Citi debit and credit card customers, such as cashback on movie tickets booked on the Paytm app.
“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,” Stephen Bird, CEO, Global Consumer Banking, Citi said.
Paytm will identify the potential base using a selection tool, jointly developed by Citi and Paytm, to assess credit worthiness. This provides an innovative alternative to underwrite customers, who otherwise may or may not have a credit history.