Vijay Shekhar Sharma-led digital payments company Paytm has forayed into the credit card business in a partnership with Citibank. In a tweet, Sharma said that Paytm First Credit Card has been built with Citibank, and is powered by the VISA payments network.
Sharma had posted a teaser image of the card last evening, which drew a lot of attention from his followers. In a media statement, Paytm said the Paytm First Card offers 1% universal unlimited cashback and has no restrictions on rewards for any transaction.
Paytm has created a credit card approval tool, jointly developed with Citi, to assess the credit worthiness of users .
“The offering should increase payments flexibility for Paytm users, and will help spur large-ticket cashless payments,” said Vijay Shekhar Sharma, chairman and CEO, Paytm.
Paytm First Card, which is a contactless card, is accepted across the globe. It also offers benefits on dining, shopping, travel, amongst others on the Citi Privileges platform. It comes with an annual fee of ₹500, which will be waived if the customer spends more than ₹50K in the year.