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Home Business

Paytm rolls out credit card, in collaboration with CitiGroup

by Udit
May 14, 2019
in Business, News
Reading Time: 1 min read
0
Paytm rolls out credit card, in collaboration with CitiGroup
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Paytm which is the India top digital payments firm, has now revealed a credit card with the Citigroup, to widen up its financial product base while giving its banking partner an opportunity to vastly expand its credit card customer base in India.

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The new card should going to help the Paytm stay a step ahead of the rivals in the competitive digital payments markets in India where the companies from the Google to Walmart owned PhonePe are all scrambling to grab a piece of the digital payments pie that is also projected to grow to $500 billion by the end of 2020, according to the BCG group report.

For the Citi Bank, it is also a big opportunity to extend its retail presence in India.

“We think there is a tremendous potential for growth of this partnership,” Bird added.

Paytm has also become a household name across India after the New Delhi shock move to ban high value of currency notes late in the year 2016 that led to a cash crunch.

The Paytm First Card will provide 1% cash back on all the transactions, and reward points offered by the most rival credit cards in India.

“We understood that there is a set of the customer base or customer needs that get fulfilled when you have a credit card or card in the hand,” said Vijay Shekhar Sharma, founder, and CEO of One97 Communications.

Source: Paytm

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