Paytm on Monday announced it is coming with credit cards to make it easier for new users to enter the credit market. The company said its new credit card was designed to “democratize access to a formal credit system for the masses.” Paytm is planning a special feature that would allow users to manage their transactions and have full control over card usage. To enable the process, Paytm will collaborate with major banks. It also aims to issue two million cards in the next 12-18 months.
Speaking about the launch of credit cards, Bhavesh Gupta, CEO – Paytm Lending said: “In our country, credit cards are still considered a product for the wealthy sections of society and not everyone can benefit from them. At Paytm, our goal is to provide credit cards for the benefit of India’s aspiring young and advanced professionals. These cards are designed to help them lead healthier financial lives by managing and analyzing expenses to make well-informed decisions. This can transform the credit market by bringing “new credit” users into the formal economy. “
With its credit card, Paytm aims to bring the credit card experience to young professionals and college goers. The company said in a statement that it aims to provide complete control for cardholders to manage their transactions in real time. Users can instantly change their security PIN number, update their address, block their card in case of loss or fraud prevention, request a duplicate card, and view pending credit limit. It will also provide insurance protection against fraudulent transactions to protect users’ money.
Paytm said everything can be controlled from the app and users won’t have to go to the bank or call customer support. “Paytm credit cards will have a transparent and compelling rewards program with guaranteed cashback on every transaction. The accumulated reward points will not expire and users will also be able to use them for various payments in the Paytm ecosystem. Since the refund will be received directly in the form of Paytm gift cards, they can be spent anywhere. It will also provide great lifestyle benefits for users in the form of discount coupons and free subscriptions for travel, entertainment, food and many of these categories, ”Paytm said in a statement.
Paytm said its new credit card was designed to “democratize access to a formal credit system for the masses.”
- Paytm which is inventing credit cards to make it easier for new users to enter the credit market.
- Paytm is planning a special feature that would allow users to manage their transactions and have full control over card usage.
- To enable the process, Paytm will partner with the country’s major banks.