Paytm partners with SBI to launch credit card on Rupay network

Fintech giant Paytm has collaborated with SBI to launch its second credit card on the National Payments Council of India's (NPCI) RuPay network. This is the first time Paytm has partnered with NPCI.

During the launch, Paytm's Chief Executive and founder Vijay Shekhar Sharma called the partnership, a 'killer combo'. The company has announced exclusive privileges to customers including ₹75,000 with a complimentary Paytm First Membership that also includes OTT platform membership, flight tickets discounts through Paytm app as a welcome benefit. Users would further get a cashback of 3% on Paytm SBI card on booking movie and travel tickets on the paytm app, 2% cashback on all other purchases on the Paytm app.

SBI and Paytm had begun their partnership in 2020. Paytm in a press release said that this move aims to expand access to credit and foster financial inclusion by bringing ‘new to credit’ users into the formal economy.