Paytm to issue 20 lakh credit cards

Last week, the company launched a same-day settlement facility for all kinds of fund transfers on its payment gateway.

Paytm will be issuing 20 lakh credit cards in the next 12-18 months. It will partner with card issuers to introduce co-branded credit cards, the leading digital financial services platform, Paytm announced on Monday. The company will issue them based on both traditional credit score and a user’s purchase patterns on its platform.

Bhavesh Gupta, CEO – Paytm Lending said, “In India, credit cards are still considered a product for the wealthy section of the society and its benefits cannot be availed by everyone. At Paytm, our motive is to provide such credit cards that will benefit India’s aspiring youth and evolved professionals.”

“We aim to democratise the credit card access for masses with our alternate underwriting (spends based), the digital application process, and minimal documentation,” he further added.

Currently, Paytm is designing peculiar digital experience on its app which will allow users to manage their overall spends and have full control over the card usage. The credit cards will provide insurance protection against fraudulent activities and transactions to protect users’ money.

Last week, the company launched a same-day settlement facility for all kinds of fund transfers on its payment gateway. The feature helps businesses that depend upon immediate availability of funds to pay down-stream partners.

 

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