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HomeTechPaytm launches cobranded credit card with SBI on RuPay network

Paytm launches cobranded credit card with SBI on RuPay network

Paytm parent One 97 Communications announced on Thursday that it will partner with credit card issuer SBI Card to launch a cobranded Paytm SBI Card on the RuPay network.

RuPay is a card payment network under the National Payments Corporation of India (NPCI)

“India is at the cusp of the next payments revolution where credit will become the mainstream payment choice,” Vijay Shekhar Sharma, Paytm’s founder and chief executive, said in a release.

“With RuPay credit cards working on UPI QR codes, transactions through mobile phones will get a further boost,” he added.

Customers can avail of privileges worth up to ₹75,000 with a complimentary Paytm First Membership that also includes OTT platform membership, flight tickets discounts, etc through the Paytm app.

“We partnered with Paytm to launch this card to make credit cards more accessible to young and digitally-evolved customers. Paytm SBI Card has become one of the popular cards in our portfolio and with its launch on the RuPay network, we are further strengthening our product value proposition,” said Rama Mohan Rao Amara, managing director & CEO of SBI Card

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In addition, cardholders will be entitled to a 2% cashback on all Paytm ecosystem spends and 1% cashback on all other purchases except wallet reloads and fuel expenditure.

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