Payments platform Paytm launched a ‘next-generation' UPI card with Rupay network on Thursday.
NPCI (National Payments Corporation India), SBI Bank and Paytm joined forces to re-define the credit card experience for the country and make credit card more available to the young and tech savvy generation.
These credit cards are exclusively available for Paytm users. Users can apply for these cards on the latest version of their Paytm App.
Vijay Shekhar Sharma took to twitter to announce the launch of this credit card and described it as the 'UPI Credit Card Of India'
Proud to launch our Paytm SBI RuPay
Credit Card today.
You can call it the UPI credit card of India 😎🚀 pic.twitter.com/hudZm64EW0May 18, 2023AdvertisementPaytm SBI RuPay Credit Card: Features, Benefits & More
Exclusive privileges worth upto Rs. 75,000 with a complimentary Paytm First Membership.
Up to 5% Unlimited Cashback on movie and travel ticket bookings.
2% cashback on Recharges and Bill Payments.
1% cashback on all other spends.
Complimentary Airport Lounge Access: 4 Domestic airport lounge visits every year(max 1 per quarter)
Complimentary Priority Pass Membership worth INR 8000 (*Only for Paytm SBI Card SELECT users)
Get Complimentary Cyber Fraud Insurance worth Rs 1,00,000 on Paytm SBI Card & worth Rs 2,00,000 on Paytm SBI Card SELECTs.
Annual Fee of Paytm SBI card is Rs 499 whereas the for the select version the annual fee is Rs 1,499.
Complimentary Paytm First Membership worth ₹750 on first settled transaction will be provided as a welcome benefit.
Complimentary Paytm First Membership E-Voucher on renewal on achieving Annual Retail spend of ₹1,00,000.
How To Apply For The Paytm SBI Credit Card?
As mentioned above, the card is available for Paytm users only. So if you are using Paytm and are interested in purchasing this card then the first step is to create your Paytm account.
Step 1: Go to Paytm App on your phone and find the space displaying the Paytm SBI Card information. This can be found in many places on the Paytm App Home page like - under 'Loans & Credit Cards'. Click on it to open the Paytm SBI Card page on the app.
Step 2: Click on the 'Apply Now' displayed on the screen.
Step 3: Fill in the requirements to complete the application, following are the details which you need to keep in handy while appying for this credit card
PAN Number
Date of Birth
Personal Email Id
Mother's First Name
Current Home Address
Occupation Details
Step 4: Tick the terms and conditions box and then click on submit.
Paytm also has an early access program, wherein a limited number of users will be given exclusive access to apply for the Paytm SBI Card and Paytm SBI Card SELECT every day. To get this early access, users will have to submit a few details on the Paytm App itself.
AdvertisementHowever, the link to the early access form will be shared with selected users only via SMS, Emails and promotions on the Paytm App itself.
When Will You Get The Paytm SBI Card Once Applied?
As mentioned on the Paytm website, eligible users can get their cards in a week's time from the time the early access window closes. Once the window closes, Paytm will start accepting complete applications from the waitlisted users and then eligible users will start getting their cards.
Paytm SBI Card was launched at a live event which took place on May 18.
On the launch of this new card, Paytm Founder & CEO said, “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, transaction through mobile phones will get a further boost, making a new digital era payments.”
“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 card in our portfolio and with it's launch on RuPay network we are further strengthening product value preposition. With RuPay's extensive reach across India and acceptance of RuPay credit cards on UPI, customer can leverage this card to drive maximum value from their spend”, said Rama Mohan Rao Amara, MD & CEO, SBI Card
AdvertisementEssential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.