Paytm Credit Card: Paytm Is Launching Credit Cards

Paytm Credit Card: Paytm is launching Credit Cards, select customers will get first use opportunity.

Leading digital financial services platform Paytm and SBI Card on Wednesday said they have come together to launch co-branded credit cards.

This credit card will be of two types. Paytm SBI Card and Paytm SBI Card Select (Paytm SBI Card SELECT). Both of these will be VISA cards.

The announcement comes after Paytm’s statement in which it said it would partner with various card issuers to launch co-branded credit cards and had targeted to issue 20 lakh cards in the next 12 to 18 months.

Paytm had said that it is pushing the credit card business to connect new users to the digital economy.

SBI Card CEO and MD Ashwani Kumar Tiwari said in a statement, “Our strategic partnership with Paytm is to make credit cards more accessible to all.”

He added, ‘Through this partnership, we will be able to reach customers connected to the new age digital world of Paytm in the country and provide them a secure, convenient and rewarding payment solution with the benefits of a credit card.’

Paytm said the card would be available to customers around Diwali.

Paytm said that select customers have the chance to apply for early access on the card by joining the waitlist that went live on the Paytm app from 1 November.

Paytm said it aims to empower users to control their cards through the one-tap features on their Paytm app.

However, loans taken for agricultural and allied activities are excluded from this rebate scheme.

The scheme provides for waiver of interest on interest on outstanding loan accounts of up to Rs 2 crore by banks and lending institutions from March 1, 2020, to August 31, 2020.

The returns this amount to the accounts of borrowers as ex gratia payment will go.

Today, on the fourth trading day of the week i.e. Thursday, the stock market opened with an increase. The Bombay Stock Exchange’s flagship index Sensex opened 499.51 points at 41115.65 level.

At the same time, the National Stock Exchange Nifty started with a gain of 143.80 points at 12052.30.

Among today’s major stocks, all the shares, except Hero MotoCorp, started at a rapid pace. The top gainers include SBI, HCL Tech, Hindalco, IndusInd Bank, and Reliance.

Talking about the sectoral index, all sectors opened on the green mark today. These include banks, financial services, private banks, realty, metals, PSU banks, media, FMCG, pharma, IT, auto, and private banks.

The Sensex rose 355.01 points to 40,616.14 on the previous trading day and the NSE Nifty rose 95 points to end at 11,908.50. On Wednesday, shopping was done in worldwide markets.

The US market Dow Jones closed at 27,847.70, up 367.63 points. The Nasdaq index also closed 497.11 points up at 11,777.00. The S&P 500 index was up 74.28 points to close at 3,443.44.