For going a step ahead, and targeting the new credit customers as well as expanding the monthly active user base, the major electronic wallet of the country Paytm has just launched a credit card in partnership with the global payment company Citi Bank. This card is called the Paytm First Card. And it is one of a kind card that is launched in the country by an American card company. This card has similar and exclusive partnerships across the various sectors of the U.S.
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This will also be the first white label credit card of its kind that will be offering an unlimited 1% cash back and there will be no restrictions. This amount will be directly credited to the card each month. For instance, on the expenditure of INR 100, the person will get back assured of INR 1. This offer by the company has come at a time when cash backs are becoming rare. The card is going to be accepted internationally and there is also an annual fee of INR 500 on the expenditures that will be exceeding INR 50,000 per annum.
Paytm also has around 150 million users that are active and spend some amount monthly. There is an expectation that this amount is surely going to increase the number of people with the credit offer. Currently in India, Paytm is the largest wallet player in the country. The user base is of about 300 million presently. The company expects that at least about 25 million users are going to opt for the Paytm First card.
All of the features related to the car is also available in the app and the customers will be able to apply for the credit card through the app itself. All of the offers and other information can be tracked on the Paytm app easily.