Fintech platform Paytm has joined forces with the State Bank of India (SBI) to introduce the Paytm SBI Card on the RuPay network. This collaboration expands on the existing partnership between Paytm and SBI, which began in 2020 with the launch of the Paytm SBI Card and Paytm SBI Card SELECT.

The newly launched RuPay credit card offers a range of welcome benefits, including exclusive credit privileges of up to ₹75,000. Cardholders will also receive a complimentary Paytm First Membership, granting access to OTT platform memberships and flight ticket discounts through the Paytm app.

Paytm emphasizes that the card provides rewards and savings when used on its app, as well as at online and offline stores. Users will enjoy a 3% cashback on movie and travel ticket bookings, a 2% cashback on all other purchases made through the app, and a 1% cashback on spends elsewhere.

The collaboration between Paytm and SBI aims to transform the credit consumption landscape in India by bringing “new to credit” users into the formal economy. This co-branded product not only offers Paytm First membership and attractive benefits but also provides platinum cardholders with a 1% fuel surcharge waiver and ₹1,00,000 cyber fraud insurance coverage.

The partnership aligns with the government’s push for digital transactions through platforms like RuPay and UPI. The National Payments Corporation of India (NPCI) expressed enthusiasm for RuPay’s growth as a contemporary brand that provides customized value propositions supported by cutting-edge technology.

SBI has been actively adopting technology in its operations and recently partnered with JP Morgan to expedite overseas transactions using blockchain technology. The Indian credit industry is undergoing significant changes with the adoption of new payment modes, including credit on UPI.

As the digital payment landscape evolves, other players in the credit industry are also making strides. Kiwi, a credit card management platform, recently secured $6 million in a Pre-Seed funding round to enhance its services.

The Paytm SBI Card on the RuPay network marks another milestone in India’s financial technology ecosystem, bringing together the expertise of two major players to provide enhanced credit options and benefits to consumers.

Fintech platform Paytm has joined forces with the State Bank of India (SBI) to introduce the Paytm SBI Card on the RuPay network. This collaboration expands on the existing partnership between Paytm and SBI, which began in 2020 with the launch of the Paytm SBI Card and Paytm SBI Card SELECT.

The newly launched RuPay credit card offers a range of welcome benefits, including exclusive credit privileges of up to ₹75,000. Cardholders will also receive a complimentary Paytm First Membership, granting access to OTT platform memberships and flight ticket discounts through the Paytm app.

Paytm emphasizes that the card provides rewards and savings when used on its app, as well as at online and offline stores. Users will enjoy a 3% cashback on movie and travel ticket bookings, a 2% cashback on all other purchases made through the app, and a 1% cashback on spends elsewhere.

The collaboration between Paytm and SBI aims to transform the credit consumption landscape in India by bringing “new to credit” users into the formal economy. This co-branded product not only offers Paytm First membership and attractive benefits but also provides platinum cardholders with a 1% fuel surcharge waiver and ₹1,00,000 cyber fraud insurance coverage.

The partnership aligns with the government’s push for digital transactions through platforms like RuPay and UPI. The National Payments Corporation of India (NPCI) expressed enthusiasm for RuPay’s growth as a contemporary brand that provides customized value propositions supported by cutting-edge technology.

SBI has been actively adopting technology in its operations and recently partnered with JP Morgan to expedite overseas transactions using blockchain technology. The Indian credit industry is undergoing significant changes with the adoption of new payment modes, including credit on UPI.

As the digital payment landscape evolves, other players in the credit industry are also making strides. Kiwi, a credit card management platform, recently secured $6 million in a Pre-Seed funding round to enhance its services.

The Paytm SBI Card on the RuPay network marks another milestone in India’s financial technology ecosystem, bringing together the expertise of two major players to provide enhanced credit options and benefits to consumers.