Paytm has also been one step ahead of the competition whether it is bringing digital payments in India or launching a full-blown bank to now introducing their own paytm credit card.
Yes! It’s true that Paytm is working on the idea of bringing in credit cards for the people who are not currently yet facilitated with the same. Their target customers for the upcoming credit card are youngsters, college-goers, and many such people who are yet not offered this banking privilege by any of the banks.
“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 analyzing the spending to make well-informed decisions. This can transform the credit market by bringing ‘new to credit’ users into the formal economy.” commented, Bhavesh Gupta, CEO – Paytm Lending.
They are claiming that they are going completely digital with the credit card segment as well. One does not have to go to a bank for a security pin number, update the address, block the card in case of loss or fraud prevention, apply for a duplicate card, and view outstanding credit-limit.
This will give a rise to the number of people who are still waiting for their chances to get credit services. Now, this is an untrodden segment where opportunities are endless, and Paytm is looking to capitalize on that.
“Paytm Credit cards will have a transparent & compelling rewards program with assured cashback on every transaction. The accrued rewards point will have no expiry and users will also be able to utilize those for various payments in the Paytm ecosystem. Since the cashback will be received directly in the form of Paytm Gift Vouchers, they can be spent anywhere. It will also give great lifestyle benefits for the users in the form of discount vouchers & complimentary memberships across travel, entertainment, food, and many such categories” commented Paytm.
With the same thought in mind, they are going to collaborate with the leading banks in the country, and at the same time, they are aiming for a total of 2 million Paytm credit card user in the next 12-18 months.