Paytm announces India’s next-generation credit cards to democratise its access

 Presenting India's Next-Generation Credit Cards for Your Masses

We're pleased to share that we are constructing our nation's 'Next Generation Credit Cards' to democratize the access to some formal credit system for the masses. By allowing'new to credit' users to combine the digital market, we plan to transform the credit marketplace.

We're designing an innovative digital experience on the app allowing users to manage their entire spending and have full control over the card use. We will be partnering with various card issuers to introduce co-branded cards and are aiming to issue two million cards in the next 12--18 months.

With this service, we plan to give complete control to cardholders to manage their trades in real-time. It'll be equipped with instant one-touch services such as change of the security PIN, upgrading the address, obstructing the card in the event of loss or fraud prevention, issuing a duplicate card, and seeing outstanding credit-limit. It will also have options to protect users from fraud by switching off the card for contactless payments or international trades when not required. Our credit card will offer insurance coverage against fraudulent transactions to guard consumers' money.

This service will even come with a personalized spend analyzer assisting in assessing expenses and planning future buys smartly. All this makes for wholesome customer experience. The entire universe of services about the credit card account can be availed. There's no need to visit the bank branch or call customer service.

We've digitized the whole credit card experience on the Paytm app -- in the application process to tracking & issuance of their charge card. The service delivers the flexibility of choosing a convenient time on the app itself for the collection of files along with online monitoring of card issuance & delivery. The seamless application procedure will cut the rate of program rejections and will enable more individuals to participate in the formal credit system.

Paytm Credit cards will have a transparent & persuasive rewards program with guaranteed cashback on every transaction. The accrued rewards point will have no expiry, and users will also have the ability to use those for various obligations in the Paytm ecosystem. It will also give the users great lifestyle benefits in discount vouchers & complimentary memberships throughout travel, entertainment, food, and many such classes.

                                                    

Bhavesh Gupta, the CEO -- Paytm Lending, stated, "In our nation, credit cards continue to be regarded as a product for the wealthy sections of the society, and not everybody can avail of its benefits. In Paytm, our aim is to provide credit cards that benefit India's aspiring youth and evolved professionals. These cards are made to help them lead a healthier financial life by managing and analyzing the spend to create well-informed decisions. This will transform the charge market by bringing'new to charge' users into the formal economy."

Given the restricted access to banking, strict documentation, and long haul times, India's credit card penetration stands at just 3 percent compared to 320% in markets like the United States. With our electronic application process, alternate (implements based) underwriting, and minimum documentation, we plan to democratize the charge card access for masses and plans to catch at least 10 percent of the mostly untapped marketplace.