One of India’s digital financial services platform Paytm has today announced that it is will soon launching a credit card which will democratise the access to a formal credit system for the masses.
Paytm claims to be designing an innovative digital experience on its app allowing users to manage their overall spends and have full control over the card usage. The company says that it will be partnering with various card issuers to introduce co-branded cards and is aiming to issue two million cards in the next 12-18 months.
Paytm Credit Card services & features
Paytm has said in a statement, the credit cards will be equipped with instant one-touch services such as change of the security pin number, updating the address, blocking the card in case of loss or fraud prevention, issuance of a duplicate card and viewing outstanding credit-limit. It will also have options to safeguard users against fraud by switching off the card for contactless payments or international transactions when not required.
Digitised Process for Application
Paytm says that it has entirely digitised the process of obtaining a credit card from the application process to the issuance of the card. You can track the status of your application online with the help of the app. Paytm aims to reduce the rejection rate of the applications through the digitised process.
Paytm is also looking to provide users with a reward program where it will give cash back to its users on every transaction. According to Paytm, “Since the cashback will be received directly in the form of Paytm Gift Vouchers, they can be spent 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.”