Mumbai: Paytm First Card, India’s first card with 1% universal unlimited cashback, and no restrictions on earning categories, was launched today. Issued by Citi, this is an offering by Paytm—India’s largest digital payments platform and one of the largest digital goods and mobile commerce platforms in the country.
Paytm First Card’s combination of offerings include
Paytm customers can apply for the credit card on their Paytm app, where they will also be able to conveniently track offers through the Paytm First Card passbook. Paytm First Card customers will be awarded Paytm promo-codes worth INR 10,000 on spending a minimum of INR 10,000 on the credit card within the first four months of issuance. The Paytm First Card passbook not only allows customers to track their credit card transactions but also highlights exclusive offers, both from Patym and Citi, on a real-time basis.
Vijay Shekhar Sharma, Chairman & CEO, One97 Communications, the parent of Paytm, said, “We are delighted to partner with Citi to launch the Paytm First Card. Our new offering is designed to bring 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.”
One97 Communications started as a Citi Commercial Banking client in 2009. To support the firm’s growing ambitions, Citi was an advisor on the initial investment by Ant Financial in February 2015 and the subsequent strategic investment by Alibaba Group and Ant Financial Services Group in 2016. In November 2016, Paytm wallet was integrated with Citibank online and mobile app to make it convenient for Citi’s customers, fast adopting paytm wallet, to top it up online. Citi and Paytm have subsequently, and periodically, built exclusive offerings for Citi debit and credit card customers, such as cashback on movie tickets booked on the Paytm app.
“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.”
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.
“The introduction of Paytm First Card is reflective of Citi’s commitment to partner with leading brands and to expand India’s digital ecosystem. Integrating the Citi service experience within a Paytm proposition will build engagement, thereby driving usage,” said Shinjini Kumar Country Business Manager, Global Consumer Bank, Citibank India. “Citi continues to build innovative solutions that drive healthy spends—and as a result, Citi’s credit card customers use their cards twice as often as the industry’s average, leading to a spend per card that is 1.4 times the industry average.”
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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Citi India offers consumers including Non Resident Indians, corporates and financial institutions, a comprehensive range of financial products and services. These include retail banking, mortgage finance, credit cards, personal loans, corporate and investment banking, foreign exchange, securities brokerage, transaction services and wealth management. Citi is an employer of choice and serves more than 2.3 million customers ranging from India's top corporate houses, multinationals operating in India, SMEs, self-employed entrepreneurs, households and individuals. Citi India has leading market shares in a number of areas in India's banking industry, including in credit cards, distribution of mutual funds, e-commerce banking, investment banking and foreign exchange. In addition, Citi India through its network of Citi Service Centres has been a leading offshoring unit for Citigroup globally, providing employment opportunities in the areas of technology, processing, analytics and financial processes.
Citi India is also committed to enabling socio-economic progress in the communities where we live and work. Since 1999, Citi Foundation through its partnerships, has helped further the financial inclusion agenda through education, and has created livelihood opportunities for youth and marginalized families in India. In addition, Citi has been committed to preserving India’s heritage through its programs focused on art and culture. These efforts, over the past 16 years, have benefited more than 2.5 million people across the country. Citi India continues to promote an inclusive and responsible society through its various CSR initiatives.
Paytm is India’s largest mobile first financial services platform offering payments, banking, lending and insurance. Paytm pioneered and is the leader of QR based mobile payments in India. With the launch of Paytm Payments Bank, the company aims to bring banking and financial services to 500 million un-served and under-served Indians. Paytm is founded by Vijay Shekhar Sharma and is headquartered in the National Capital Region, India. The company’s investors include Softbank, SAIF Partners, Alibaba Group and Ant Financial.