On Wednesday, Paytm announced a collaboration with SBI Bank, which involves the launch of two new credit cards in India by the two firms. The first credit card is called the Paytm SBI Card, while the second is called the SELECT Paytm SBI Card. The Visa platform uses both credit cards.
This launch is in line with the initiative of SBI Card to provide customers with customised products that offer maximum value in line with spending needs and promote digital payment forms for a secure and improved customer experience, SBI Card said in a release.
Instant one-touch services such as blocking / unblocking the card for online purchases, blocking the card in case of failure, issuance of a duplicate card and viewing of unused credit limits are given for the two newly launched credit cards.
They will also provide the option of protecting users against fraud by switching off the card for contactless payments or, when not necessary, foreign transactions. In addition, they will also come with a customised spending analyzer that will help users smartly assess costs and plan potential spending.
Paytm says that in less than 1 minute, users can register for the card from the app. When booking movie tickets and travel tickets on the Paytm app and buying items from Paytm Mall, cardholders will receive a cashback of 5 percent and 3 percent on Paytm SBI Card SELECT and Paytm SBI Card, respectively.
Cardholders receive a 2 percent cashback for other expenses on the Paytm app using the Paytm SBI Cards, while a 1 percent cashback is offered on expenses elsewhere. by entering the waitlist that went live on the Paytm app from November 1, select customers have the opportunity to apply for Early Access to the card.