Paytm Announced it will launch credit cards with cash back offers, and offer an all-round digital experience. Paytm aims to issue two million credit cards in the next 12-18 months. The company also plans to capture at least 10% of the credit card market in India which currently stands at 3%.
Paytm credit cards will come with features such as instant one-touch services for charging the security pin number, updating the address, blocking the card, issuing a new card, and viewing the outstanding credit-limit as well. Users will also have easy access to features such as switching off contactless payments or international payments on the credit card. Paytm will also provide spending tips for users based on their usage.
“In our country, credit cards are still considered a product for the affluent sections of the society and not everyone can avail of its benefits. At Paytm, our aim is to provide credit cards that benefit India’s aspiring youth and evolved professionals. These cards are designed to help them lead a healthier financial life through managing and analysing the spends to make well-informed decisions. This can transform the credit market by bringing ‘new to credit’ users into the formal economy,” Bhavesh Gupta, CEO – Paytm Lending said.
Paytm aims to offer a digitised experience for the credit card application process as well. Users can get the entire thing on the Paytm app itself, and even choose their preferred timings for document collection. The Paytm credit cards come with a reward system with an assured cashback on every transaction. These points don’t have an expiration date, and can be used for payments for services offered by Paytm.