Citi, Paytm launch co-branded credit card

Paytm, the leading digital payments platform in the country, has partnered with Citi, the global banking giant, to launch its first credit card.

Published: 15th May 2019 02:23 AM  |   Last Updated: 15th May 2019 09:55 AM   |  A+A-

By Express News Service

MUMBAI: Paytm, the leading digital payments platform in the country, has partnered with Citi, the global banking giant, to launch its first credit card. The ‘Paytm First Card’ would be issued and managed by Citi in terms of credit appraisal and underwriting, and the card would be linked to the Paytm app.

“Paytm will identify the potential base using a selection tool, jointly developed by Citi and Paytm, to assess credit-worthiness. This provides an innovative alternative to underwrite customers, who otherwise may or may not have a credit history,” Citi-Paytm said in a press release.

Even if one per cent of Paytm’s 300 million customers take to the credit card offering, it will be a potential 3 million customers, and there is a tremendous potential for growth in the partnership, said Stephen Bird, CEO, Global Consumer Banking, Citi.

“Paytm First Card gives us the opportunity to extend our expertise in credit card services to a new all-digital consumer base,” Bird said.

The Paytm First Card would have a minimum credit limit of `1 lakh, with a 1 per cent universal unlimited cashback, which would be automatically credited to the customer account every month, said Vijay Shekhar Sharma, chairman & CEO, One97 Communications, the parent company of Paytm.

“Cashback. Straightforward cashback, customers understand that. This is money that is going back to my account. Settled in the bank’s credit card bill itself. You never have to bother about redeeming the points or expiry of points,” Sharma said. The card carries an annual fee of `500 that would be waived on spends exceeding `50,000 a year. 

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp