Paytm, a prominent payments and financial services company in India, has joined forces with SBI Card, the credit card arm of the State Bank of India, to introduce the Paytm SBI Card on the RuPay network. This partnership, which initially began in 2020, is expanding to include the National Payments Corporation of India’s (NPCI) RuPay network, as all three home-grown brands collaborate to drive the growth of inclusive and digital-first financial services in the country.
Vijay Shekhar Sharma, the founder and CEO of Paytm, believes that India is on the brink of the next payments revolution, where credit will become the mainstream payment choice. He expressed confidence that the Paytm RuPay credit card, developed in conjunction with SBI Card, will be an excellent option for consumers. As Paytm users are already well-versed in QR code-based payments, the integration of RuPay credit cards with UPI QR codes will further boost transactions through mobile phones, ushering in a new era in digital payments.
The Paytm SBI Card offers attractive benefits to cardholders. Users will receive 2% cashback on all Paytm ecosystem spends and 1% cashback on all other purchases, excluding wallet reloads and fuel expenses. Additionally, they will enjoy a 1% fuel surcharge waiver and Rs 1,00,000 cyber fraud insurance coverage if they hold the ‘Platinum’ card variant.
As a welcome benefit, customers will have access to exclusive privileges worth up to Rs 75,000, including a complimentary Paytm First membership that offers perks such as OTT platform membership and flight ticket discounts through the Paytm app. Moreover, cardholders will receive 3% cashback on movie and travel ticket bookings through the Paytm app, 2% cashback on other purchases made on the app, and 1% cashback on spends elsewhere.
Bhavesh Gupta, the President and Chief Operating Officer of Paytm, expressed delight in taking the valuable partnership with SBI Card to the next level. The launch of co-branded credit cards powered by the indigenous RuPay network aims to cater to the evolving needs of India’s youth and professionals. Paytm’s objective is to revolutionize credit consumption in India by bringing “new to credit” users into the formal economy, offering a seamless and rewarding experience.
Rama Mohan Rao Amara, the MD and CEO of SBI Card, stated that the collaboration with Paytm aims to make credit cards more accessible to young and digitally-evolved customers. The Paytm SBI Card has already gained popularity, and with its launch on the RuPay network, the product’s value proposition is further strengthened. RuPay’s extensive reach across India and the acceptance of RuPay credit cards on UPI will allow customers to maximize the value derived from their spends.
Praveena Rai, the COO of NPCI, believes that the Paytm SBI Card will emerge as a cornerstone credit solution for customers. Since the launch of credit card services on UPI, NPCI has been committed to providing unique and value-based RuPay credit cards. The continuous growth of RuPay as a modern and youthful brand, supported by cutting-edge technology, is an exciting development.
In summary, the collaboration between Paytm, SBI Card, and NPCI to launch the Paytm SBI Card on the RuPay network signifies a significant step towards driving inclusive and digital-first financial services in India. The credit card offers attractive benefits and privileges, aiming to revolutionize credit consumption and make credit cards more accessible to a wider audience. The integration of RuPay credit cards with UPI QR codes is expected to further boost digital payments in the country.