Paytm has tied up with Citibank to launch a credit card, called Paytm First Card. The card will be issued on the basis of individual digital behaviour and will be similar to the co-branded credit cards that retailers and airlines offer, reports NDTV. The new credit card is touted to offer one percent "universal unlimited cashback" to customers along with no restrictions on earning categories
The card can be applied for by the customers from the Paytm app and has an annual fee of Rs 500, and will offer Paytm promo codes worth Rs 10,000 on spending a minimum of Rs 10,000. The company will also waiver the annual fee if the customers spend in exceeds of Rs 50,000.
The card which will be accepted internationally will bring exclusive offers on dining, shopping and travel among many other privileges under its Citi Privileges platform. “Our new offering is designed to bring utmost flexibility to our customers in their digital payment options will help spur large-ticket cashless payments,” said Vijay Sekhar Sharma, Chairman and chief executive officer of Paytm’s parent comapny One97 communications.
Earlier in March, Paytm launched the subscription-based loyalty programme Paytm First that was rival Amazon's Prime subscription and Flipkart's Plus membership. The model was designed to give partner offers worth over Rs 12,000 at an annual charge of Rs 750.
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