The move is aimed at transforming the credit market by enabling "new to credit" users to join the digital economy, the company said.
Paytm on Monday said it will partner with various card issuers to introduce around 20 lakh co-branded credit cards in the next 12-18 months.
The move is aimed at transforming the credit market by enabling "new to credit" users to join the digital economy, the company said. Paytm also announced that building ‘Next generation’ credit cards which include - insurance protection against fraudulent transactions, a personalised spend analyser, and will offer instant one-touch services for changing of security pin, blocking the card and updating address.
"In our country, credit cards are still considered a product for the affluent sections of the society and not everyone can avail of its benefits. At Paytm, our aim is to provide credit cards that benefit India's aspiring youth and evolved professionals," Bhavesh Gupta, CEO - Paytm Lending, said in a statement.
"These cards are designed to help them lead a healthier financial life through managing and analysing spends to make well-informed decisions. This can transform the credit market by bringing 'new to credit' users into the formal economy."
With its digital application process, alternate (spends based) underwriting, and minimal documentation, Paytm said it aims to democratise the credit card access for masses and plans to capture at least 10 per cent of this largely untapped market.
Paytm said it is designing an innovative digital experience on its app allowing users to manage their overall spends and have full control over the card usage.
The digital payments company said its credit card will provide insurance protection against fraudulent transactions to protect users' money.
The company plans to issue the cards based on both traditional credit score and user's purchase patterns on Paytm.
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