We have launched the next-generation Paytm SBI Card on the RuPay network, in partnership with India’s largest pure-play credit card issuer SBI Card. With this launch, three homegrown brands – Paytm, SBI Card and National Payments Corporation of India’s (NPCI) RuPay – have joined forces to further boost credit inclusion in the country.
Our partnership with SBI Card, which began in 2020, is now expanding with the addition of RuPay credit cards, to drive the growth of inclusive, digital-first financial services in India by bringing ‘new to credit’ users into the formal economy. The newly-launched co-branded card redefines the credit card experience by offering exceptional rewards and benefits for its users. Through this card, customers will soon be able to make UPI payments by scanning our pioneered QR codes, adding more convenience to their lives.
As a Welcome Benefit, customers can enjoy exclusive privileges worth up to ₹75,000 with a complimentary Paytm First Membership that also includes OTT platform membership, flight tickets discounts through our app. Designed for the digitally savvy, the cards offer rewards and savings when used on our app and millions of online and offline stores. Cardholders receive cashback of 3% on Paytm SBI Card on booking movie and travel tickets through our app, 2% cashback on all other purchases through our app, and 1% cashback on spends elsewhere.
“India is at the cusp of the next payments revolution where credit will become the mainstream payment choice. Together with SBI Card, Paytm RuPay Credit Card will be a great choice for consumers. Our users are already savvy on QR code-based payments and with RuPay credit cards working on UPI QR codes, transactions through mobile phones will get a further boost, marking a new era in digital payments.”
Vijay Shekhar Sharma, Founder and CEO, Paytm
“We are delighted to take our valuable partnership with SBI Card to the next level with the launch of our innovative co-branded credit cards powered by the indigenous RuPay network, catering to the ever-evolving needs of India’s youth and professionals. With this partnership, we aim to revolutionise the way credit is consumed in India, by bringing ‘new to credit’ users into the formal economy by offering a seamless and rewarding experience.”
Bhavesh Gupta, President and Chief Operating Officer, Paytm
“We partnered with Paytm to launch this card with the intent to make credit cards more accessible to young and digitally-evolved customers. Paytm SBI Card has become one of the popular cards in our portfolio and with its launch on RuPay network we are further strengthening product value proposition. With RuPay’s extensive reach across India and acceptance of RuPay credit cards on UPI, customers can leverage this card to derive maximum value from their spends.”
Rama Mohan Rao Amara, MD & CEO, SBI Card
“We are delighted to partner with Paytm and SBI Card for the launch of this credit card on RuPay’s expansive network. We believe this card will emerge as a keystone credit solution for customers. Since NPCI’s launch of credit card services on UPI, we are constantly working towards providing unique, value-based RuPay credit cards. It is exciting to see RuPay progressively establishing itself as a modern, contemporary, and youthful brand by offering customized value propositions backed by cutting-edge technology.
Praveena Rai, COO, NPCI
The co-branded credit cards are set to delight consumers with exclusive Paytm First membership worth ₹750, which comes along with numerous exciting offerings. The Paytm SBI Card comes with 3% cashback on travel, and movie purchases through the Paytm ecosystem. Cardholders of either variant will be entitled to 2% cashback on all our ecosystem spends and 1% cashback on all other purchases except wallet reloads and fuel expenditures. They will also receive the added benefit of a 1% fuel surcharge waiver and ₹1,00,000 cyber fraud insurance coverage in the case of ‘Platinum’ cardholders.
