Chinese company Alibaba backed Paytm has launched a credit card in India. The company has said that cashback offers will be available on every purchase with this credit card.
Paytm has said that the company is launching Next Generation Credit Card. The target of Paytm is to issue 20 lakh cards within the next 12-18 months.
This Credit card is termed as Next Generation Credit Card because it is going to be the first of its type. Paytm has developed this credit card in a way that can be controlled using the mobile app which also enhances the security and on the basis of usage the user will be given spending tips which are going to be a big help for users to get more out of it.
Users will be able to change the PIN of Paytm Credit Card, block, and update the address using Next Generation Credit Card Mobile App. The company has said that users will be able to manage their credit cards in real-time.
Insurance will also be provided for fraud with the card. The company has said that customers will get cashback with every transaction. The cashback will be in the form of a Paytm Gift Voucher, which will be used in the Paytm ecosystem like Paytm mall, bus, and flight ticket booking or in other kinds of stuff that can be done using the Paytm app.
For issuing Paytm Credit Card, the company will check the credit score and Paytm transaction history/purchase pattern of the customers.
The process of the Paytm Credit Card application will also going to be digital. There will be a dedicated section for the credit card on the Paytm app from where users can manage it.