Digital payments company Paytm has partnered with Citibank to launch its first credit card called Paytm First Card. The Paytm First Card will come with unlimited cash back and will be accepted in India, as well as in other countries across the globe.
The company has issued a statement talking about it which says that the card can be taken from Citibank and it does not involve any hidden fees or other charges. If the expenses made by the card exceed Rs 50,000 per year, the annual fee of Rs 500 will also be waived off completely.
The company has also added that Paytm is offering an equated monthly instalment (EMI) option on the purchases that the customers will make via the card.
Speaking about the newly launched card, Vijay Shekhar Sharma, chairman and CEO of One97 Communication, said, “We are delighted to partner with Citi to launch the PaytmFirst Card. Our new offering is designed to bring the utmost flexibility to our customers in their digital payment options and will help spur large-ticket cashless payments. We are confident of getting a very good response from our customers.”
If you use Paytm, you can also apply for the credit card using the Paytm app on your smartphone. On getting the credit card, you will be awarded Paytm promo-codes worth Rs 10,000 on spending a minimum of Rs 10,000. However, this value has to be reached within the first four months of the card being issued, the company has specified.
You would also be able to track various transactions of the credit card using the Paytm First Card passbook on your Paytm app. The app will also show you exclusive offers from Paytm as well as Citibank on a real-time basis.
It is worth mentioning that the parent company of Paytm, One97 Communication, started out as a Citi Commercial Banking client in 2009. Later in 2016, Paytm wallet got integrated with Citibank’s online and mobile app to make things easier for customers of the bank.
“Paytm First Card gives us the opportunity to extend our expertise in credit card services to a new all-digital consumer base,” said Stephen Bird, CEO, Global Consumer Banking, Citi. “What began as an institutional relationship for Citi has grown into a stronger and deeper partnership across the Citi franchise. Today’s announcement affirms how Citi is establishing itself globally as the partner of choice to accelerate growth for our partners, customers, and business.”
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