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SBI Cards partners with Paytm to tokenise cards; shares drop

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Paytm and SBI Cards shares were in focus on Thursday. SBI Cards and Payment Services and One97 Communications announced a partnership, under which SBI Cards cardholders will be enabled to tokenise their cards and make payments through Paytm.

SBI Cards partners with Paytm to tokenise cards; shares drop
SBI Cards and Paytm parent One97 Communications' shares were in focus on Thursday after the companies announced a collaboration. Digital payment lender Paytm partnered with SBI Cards and Payment Services Ltd - the credit card arm of the state-owned lender SBI - to enable cardholders to tokenise their cards on devices and make payments through Paytm.
At 11:40 am, the stock of SBI Cards was down 1.2 percent at Rs 909.5 on BSE, and that of Paytm down 0.6 percent at Rs 1,334.3.

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In a regulatory filing, SBI Cards said the product, 'SBI Card portfolio enabled on Paytm', will be launched on Thursday, and will be available on Android NFC devices.
Detailing the digital payments solution, SBI Cards said that only cards issued in India are enabled on the Paytm network. However, customers may transact using the SBI Card through the Paytm network in international locations, it added.
Indian equity benchmarks Sensex and Nifty50 moved within a narrow range around the flatline on Thursday, ahead of the monthly expiry of F&O contracts due by the end of the session. Investors globally remained concerned about the Omicron variant of COVID-19.


 
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