In terms of increasing the penetration of the credit card system in India, digital service provider Paytm said it is working on developing ‘Next Generation Credit Cards’, partnering with various card issuers. The Conglomerate is also aiming to change the credit market by facilitating ‘new to credit’ users to join the digital economy. With a customer base of 150-200 million, the company aims to offer about 200 million credit cards in the next 12-18 months. From the growing digital adoption in India, the company has repeatedly benefited. The Company is developing an innovative digital experience on its app for the Paytm Credit Card. This allows users to manage their total spends and have complete control over the card usage.
Besides this service, the company aims to provide freedom to cardholders to manage their transactions in real-time. In terms of feature, Paytm Credit Card would consist of international transactions and switching off contactless payments. The Company will also offer insurance protection against duplicitous transactions. The users would also get to assess their expenditure by means of Paytm Credit Card comprising personalized spend analyser. The company is also working on designing its credit card in fashion so that customers will not require to visit bank branches.
Paytm will continue its inclination towards the cashback and reward model. On every transaction, the Paytm Credit card will also have a rewards program with guaranteed cashback. The points accumulated by users will have no expiry and they will be able to use those for various payments on Paytm platforms.