Issued by Citibank, the cards will be accepted in India and internationally. Paytm customers can apply for the credit card through their Paytm app.
Using the Paytm First Card passbook, customers will be able to track their credit card transactions and avail exclusive offers, both from Patym and Citi, on a real-time basis.
The Paytm First Card is claimed to have no hidden fees or charges and is contactless enabled. The card promises full waiver of INR500 ($7.13) when the spending exceeds INR50,000 ($713) per year.
The new cardholders will also be awarded Paytm promo-codes worth INR10,000 ($142.6) on spending a minimum of INR10,000 on the card within the first four months of the issuance.
Additionally, exclusive deals on dining, shopping, travel, among others, will also be offered on the card.
The payments company’s parent company One97 Communications chairman and CEO Vijay Shekhar Sharma said: “We are delighted to partner with Citi to launch the Paytm First Card.
“Our new offering is designed to bring utmost flexibility to our customers in their digital payment options and will help spur large-ticket cashless payments. We are confident of getting a very good response from our customers.”
The bank stated that the card will be offered to an individual based on his or her digital behavior.
The potential customer base will be identified leveraging a selection tool, which is jointly developed by the two organisations, to assess credit worthiness. It will also offer new alternatives to underwrite customers, who otherwise may or may not have a credit history.
Citi global consumer banking CEO Stephen Bird said: “Paytm First Card gives us the opportunity to extend our expertise in credit card services to a new all-digital consumer base. What began as an institutional relationship for Citi has grown into a stronger and deeper partnership across the Citi franchise.
“Today’s announcement affirms how Citi is establishing itself globally as the partner of choice to accelerate growth for our partners, customers, and business.”
