Payments and financial services company Paytm on Thursday announced that it has partnered with SBI Card to launch Paytm SBI Card on the RuPay network.
The Paytm and SBI Card partnership, which began in 2020, is now expanding with the addition of National Payments Corporation of India’s RuPay, as all three home-grown brands join forces to further drive the growth of inclusive, digital-first financial services in the country.
Paytm founder and CEO Vijay Shekhar Sharma told reporters that India is at the cusp of the next payments revolution where credit will become the mainstream payment choice.
“Together with SBI Card, Paytm RuPay credit card will be a great choice for consumers. Our users are already savvy on QR code-based payments and with RuPay credit cards working on UPI QR codes, transactions through mobile phones will get a further boost, marking a new era in digital payments,” he added.
Cardholders of either variant will be entitled to 2 per cent cashback on all Paytm ecosystem spends and 1 per cent cashback on all other purchases except wallet reloads and fuel expenditures.
They will also receive the added benefit of a 1 per cent fuel surcharge waiver and `1,00,000 cyber fraud insurance coverage in the case of ‘Platinum’ cardholders.
As a welcome benefit, customers can enjoy exclusive privileges worth up to `75,000 with a complimentary Paytm First membership.
