Paytm: India’s Most Popular Platform for Money Transfer, BHIM UPI Payments, Recharges, and other online payments has announced of Next Generation Credit Cards designed to democratize the access to a formal credit system for the masses in the country.
To join this service on their Paytm mobile apps user needs to enable ‘new to credit’ option and would be able to join the digital economy. This will definitely help the credit card industry to be transformed more paperless economy.
“We are designing an innovative digital experience on our app allowing users to manage their overall spending and have full control over the card usage. We will be partnering with various card issuers to introduce co-branded cards and are aiming to issue two million cards in the next 12–18 months.”, According to Paytm.
With this service, users will have full control over the card to spend and manage their transactions in real-time. It will have all services available with any credit cards such as a security pin, updating the address, and blocking the card through the Paytm app itself. It will also have options to safeguard users against fraud by switching off the card for contactless payments or international transactions when not required.
Paytm Credit cards will have a transparent & compelling rewards program with assured cashback on every transaction. These award points will be stored in Paytm Gift Vouchers with no expiry date that can be spent anywhere.
“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.” said Bhavesh Gupta, CEO — Paytm Lending.
Source: Paytm Blog
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