Paytm announced that it is expanding with credit cards to obtain it more straightforward for new users to enter the credit market.
The company stated that its new Paytm credit card had been created to “democratize the path to a formal credit system for the masses”.
Paytm is planning a unique piece that would enable users to manage their transactions and have full control over the card usage.
To allow the process, Paytm will partner with leading banks. It also intends to issue two million cards in the next 12-18 months.
Bhavesh Gupta, CEO – Paytm Lending, stated, “In our country, credit cards are yet considered a product for the rich division of the society and not everyone can avail of its advantages. At Paytm, we aim to provide credit cards that benefit India’s aspiring youth and evolved professionals. These cards are meant to help them lead a healthier financial life through managing and analyzing the spending to make well-informed decisions. This can transform the credit market by making’new to credit’ users into the formal economy.”
Paytm intends to bring the credit card activity to the young professionals and the college-goers.
The company, in a statement, stated that aims to present complete control to cardholders to handle their transactions in real-time.
Users can immediately change the security PIN, update the address, block the card in case of loss or fraud prevention, apply for a duplicate card, and view outstanding credit-limit. It will also present insurance security against fraudulent transactions to protect users’ money.
Paytm has declared that everything can be managed from the app, and users will not have to visit the bank branch or call customer support.
“Paytm Credit cards will have a transparent & compelling rewards program with certain cashback on every transaction. The accrued rewards point will have no expiry, and users will also be ready to utilize those for various payments in the Paytm ecosystem. Since the cashback will be received immediately in the form of Paytm Gift Vouchers, they can be spent everywhere. It will also give excellent lifestyle benefits for the users in the form of discount vouchers & complimentary memberships across travel, entertainment, food, and many such categories,” Paytm announced in a statement.