January 24, 2022

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Paytm To Issue 2 Million Credit Cards In India Till 2022 To Encourage A Credit Market

Paytm is a really strong player in the Indian economy known for it’s digital wallet service a platform similar to Paypal. The company has announced in a recent statement that they will introduce 2 million credit cards in the coming 18 months to leverage on the concept of branded credit cards. Paytm has also announced their plan to introduce services like one touch access to change pin, insurance benefits, blocking the card and updating address using the digital platform. They will their brand of cards as “Next Generation”.

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Paytm will also make it easy for it’s existing to users to file a digital application to appl for a credit card and they can also track the issue of the process of new credit card. This process should be similar to the one used by Paypal to extend credit line to it’s existing customers in US using their standard credit score. The app will let it’s users choose a convenient time to file their documents in order to quaify for a credit card.

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This is not a sudden decision as Paytm had come up with “Paytm First” in partnership with CitiGroup and not the company wants to adopt a more direct model to extend a credit line on the same Paytm account which is also verified with a bank account. This makes it’s easy for the platform to assess the creditworthiness of a user. The credit card issued provides you an extra option to use it for payments of bills/installment plans etc. This will likely create a new habit for a large consumer base in India that is used to spending and does not want to go with any third party credit cards.

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Paytm CEO Bhavesh Gupta on Paytm Credit Cards

The CEO Of Paytm Bahvesh Gupta added the statement saying “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‚Äôs aspiring youth and evolved professionals. These cards are designed to help them lead a healthier financial life through managing and analysing the spends, to make well-informed decisions.”

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