Paytm has made a great announcement recently. Noida-based financial services company, Paytm stated that it will be collaborating with various card issuers to offer co-branded credit cards, as it plans to issue two million cards to customers in the next 12-18 months. Along with this the company also declared that it has been developing ‘Next generation’ credit cards which include - insurance protection against fraudulent transactions, a personalized spend analyzer, and will offer instant one-touch services for shifting of security pin, updating address, and blocking the card.
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Along with this, the company has digitized the credit card experience on the Paytm app - to include a digital application process, and help customers track issuance of their new credit card. It also offers the flexibility of choosing a convenient time for the collection of documents, on the app Paytm had launched its first co-branded credit card, called ‘Paytm First’ in May, last year, in partnership with Citigroup. Through this offering, the company is now looking to expand into the credit market by enabling 'new to credit' users to join the digital economy.
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To restrict frauds, Paytm will also offer users the option of ‘switching off’ the credit card for contactless payments or international transactions, when not required. "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, our aim is 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 analyzing the spending, to make well-informed decisions," Bhavesh Gupta, CEO, Paytm Lending.
