Partnership Announcement
One97 Communications Ltd, the parent company of Paytm, has partnered with SBI Card and the National Payments Corporation of India (NPCI) to introduce the Paytm SBI Card on the RuPay network.
Benefits and Cashback Offers
The Paytm SBI Card will offer discounts on transactions made through the Paytm mobile app. Cardholders will receive 3% cashback on movie and travel ticket bookings, 2% cashback on all other purchases within the Paytm app, and 1% cashback on spends made elsewhere.
Integration of RuPay and UPI
Earlier this year, the Reserve Bank of India (RBI) enabled the linking of RuPay credit cards to the United Payments Interface (UPI). Following this, NPCI allowed aggregators like Paytm, Google Pay, BharatPe, and PayU to facilitate merchant transactions through RuPay credit cards on UPI in India.
Customized Value Propositions
RuPay aims to position itself as a modern and contemporary brand by offering tailored value propositions supported by advanced technology. The launch of credit card services on UPI is a step towards providing unique and value-based RuPay credit cards.
Features of the Paytm SBI Card
Both the platinum and classic variants of the Paytm SBI Card will provide 2% cashback on all Paytm ecosystem spends and 1% cash back on other purchases, excluding wallet reloads and fuel expenses. Platinum cardholders will also enjoy a 1% fuel surcharge waiver and Rs 1,00,000 cyber fraud insurance coverage.
Key Executives
Rama Mohan Rao Amara serves as the MD and CEO of SBI Card, while Praveena Rai is the Chief Operating Officer (COO) of Paytm.
- 3 August Current Affairs 2023 in English
- MoU Between Subroto Mukerjee Sports and Education Society and All India Football Federation (AIFF) to Promote Football at Grassroot Level
- Dr. Mansukh Mandaviya Delivers Keynote Address at the 13th Indian Organ Donation Day ceremony
- Education Ministry Forms Expert Panel on Anti-Discrimination in Higher Education
- Concerns Arise Over Cheetah Deaths at Kuno National Park
