Wednesday, 15 May 2019

Paytm First Credit Card: Citigroup Looks to Vastly Expand India Reach With Paytm Tie-Up

The leading payments company Paytm of india with Citigroup launched a charge card on Tuesday, whilst offering its banking associate an chance to expand its credit card customer base in the 39, expanding its product base.

The new card ought to assist Paytm remain a step ahead of rivals from the competitive digital payments marketplace in India where businesses in Alphabet-owned Google into Walmart-owned PhonePe, are scrambling to catch a part of the electronic payments pie that's projected to rise to $500 billion by 2020, according to the Boston Consulting Group.

If just 1 percent of the over 300 million clients of Paytm utilize the charge card, that is a massive amount, Chief Executive, Stephen Bird, Global Consumer Banking in Citi told reporters.

"We believe there's a huge potential for expansion of the venture," Bird added.

Paytm turned into a household name across India after New Delhi's shock move to prohibit currency notes in 2016 resulted in a money crunch and fostered use of its wallet.

Its parent One97 Communications counts Alibaba Japan's SoftBank Group and Berkshire Hathaway one of its shareholders.

1 percentage cashback will be offered by the Paytm First Card including reward points offered by rival credit cards in India, on all trades.

"We knew that there's a set of their client base or client wants that get fulfilled whenever you've got a charge card or card at the hand," stated Vijay Shekhar Sharma, founder and CEO of One97 Communications.

"This is the reason why we'd established a debit of our lender and now we finish our offering using a credit card venture with Citibank."

Sharma, a self respecting billionaire, said his company is currently targeting"urban aspirational users that are first-time charge users".
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