As per stock exchange filing by Paytm, which is owned by One97 Communications Limited (OCL), the company has teamed up with NPCI and SBI Card to introduce Paytm SBI Card on the RuPay network.
Customers who enrol can receive benefits worth up to Rs 75,000 along with a free Paytm First Membership, which includes access to OTT platforms and savings on travel tickets through the Paytm app.
On the Paytm app, cardholders can book movie and travel tickets for 3% cashback, all other Paytm app transactions are eligible for 2% cashback, and all other purchases are eligible for 1% cashback.
"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," said Vijay Shekhar Sharma, Founder and CEO, Paytm.
Both types of cardholders are eligible for 2% cashback on all purchases made within the Paytm ecosystem and 1% cashback on all other transactions, excluding wallet reloads and petrol costs. In addition, the 1% fuel surcharge waiver and the $1,000,000 cyber fraud insurance coverage for "Platinum" cardholders will be provided, according to the company's statement.
"We partnered with Paytm to launch this card with the intent to make credit cards more accessible to young and digitally-evolved customers. With RuPay’s extensive reach across India and acceptance of RuPay credit cards on UPI, customers can leverage this card to derive maximum value from their spends," said Rama Mohan Rao Amara, MD & CEO, SBI Card.
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