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Paytm partners with Citibank to launch its first credit card—Paytm First Card

Paytm partners with Citibank to launch its first credit card—Paytm First Card

Paytm partners with Citibank to launch its first credit card—Paytm First Card
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By CNBC-TV18 May 14, 2019 1:38:52 PM IST (Published)

Digital payments company Paytm, in association with Citibank, launched its first credit card called Paytm First Card on Tuesday.

Digital payments company Paytm, in association with Citibank, launched its first credit card called Paytm First Card on Tuesday.

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Paytm First Card comes with unlimited cash back and will be accepted in India as well globally.
The card is issued by Citibank and doesn't involve any hidden fees or charges, the company said in a statement. An annual fee of Rs 500 will be fully waived off on expenses above Rs 50,000 per year.
Paytm also offers an equated monthly instalment (EMI) option on purchases made on the card, the company said.
“Our new offering is designed to bring the utmost flexibility to our customers in their digital payment options and will help spur large-ticket cashless payments,” Vijay Shekhar Sharma, chairman and CEO of One97 Communication, said.
Paytm customers can apply for the credit card by using their Paytm app. Customers who avail the credit card will be awarded Paytm promo-codes worth Rs 10,000 on spending a minimum of Rs 10,000 in the first four months of the issuance of the card, the statement said.
The app will also allow users to keep a track of their transactions by using the Paytm First Card passbook, which will highlight exclusive offers from both Paytm and Citibank, on a real-time basis.
One97 Communication, the parent company of Paytm, started out as a Citi Commercial Banking client in 2009. In 2016, Paytm wallet was integrated with Citibank’s online and mobile app to make it convenient for Citi’s customers.
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