Paytm to come up with 2 million credit cards in 18 months

Paytm Credit card: On Monday Paytm has announced that it is coming up with credit cards to make it easier for the new users to join the credit market. Paytm said that its new credit card had been designed to "democratise the access to a formal credit system for the masses". Paytm is bringing a unique feature that would allow users to manage their transactions and have full control over the card usage. Paytm will join hands with leading banks, to complete the process, it aims to issue two million cards in the next 12-18 months.

Bhavesh Gupta, CEO - Paytm Lending spoke about the credit cards launch said, "In our country, credit cards are still considered a product for the affluent sections of the society and not everyone can avail of its benefits. At Paytm, we aim to provide credit cards that benefit India's aspiring youth and evolved professionals. These cards are designed to help them lead a healthier financial life through managing and analysing the spends to make well-informed decisions. This can transform the credit market by bringing 'new to credit' users into the formal economy."

Paytm with its credit card, aims to bring the credit card experience to the young professionals and the college students. The firm said in a statement that it aims to provide complete control to cardholders to manage their transactions in real-time. Users will be able to instantly change the security PIN, update the address, block the card in case of loss or fraud prevention, apply for a duplicate card, and also check outstanding credit-limit. It will also give insurance protection against fraudulent transactions to protect users' money.

Paytm said that everything could be controlled from the app, and users need not visit the bank branch or call customer support. "Paytm Credit cards will have a transparent & compelling rewards program with assured cashback on every transaction. The accrued rewards point will have no expiry, and users will also be able to utilise those for various payments in the Paytm ecosystem. Since the cashback will be received directly in the form of Paytm Gift Vouchers, they can spend anywhere. It will also give great lifestyle benefits for the users in the form of discount vouchers & complimentary memberships across travel, entertainment, food, and many such categories," Paytm said in a statement.