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Paytm on Monday announced that it will be partnering with various card issuers to introduce co-branded credit cards for consumers.
The company is aiming to issue two million cards in the next 12–18 months.
Paytm announced that it is building ‘Next Generation Credit Cards’ with various instant one-touch services including “changing of the security pin number, updating the address, blocking the card in case of loss or fraud prevention, issuance of a duplicate card and viewing outstanding credit-limit.”
Users will also be able to switch off the card for contactless payments or international transactions when not required to prevent fraudulent transactions.
“Our credit card will provide insurance protection against fraudulent transactions to protect users’ money,” Paytm said in an official release.
Paytm’s new digital service will also include a personalized spend analyzer to help cardholders keep track of and manage expenses.
The fintech major further announced that it had digitised the entire credit card experience on its app. Consumers will be able to manage the entire process, from the application process to tracking andissuance of the credit card digitally.
“The service offers the flexibility of choosing a convenient time on the app itself for the collection of documents along with online tracking of card issuance & delivery,” Paytm said.
Paytm had launched its first co-branded credit card in May, in collaboration with Citigroup, called ‘Paytm First.’ The company is now aiming at garner 10 per cent of the credit card market share in India, it said.
“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,” Bhavesh Gupta, CEO — Paytm Lending said.
“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,” Gupta added.
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