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Citigroup tie-up with Paytm vastly expands reach in India
- Wednesday | 15th May, 2019
MUMBAI (Reuters) – India’s top digital payments firm Paytm on Tuesday launched a credit card with Citigroup, widening its financial product base while giving its banking partner an opportunity to vastly expand its credit card customer base in the country. The Paytm First Card will offer 1 percent cashback on all transactions, unlike reward points offered by most rival credit cards in India. Even if only 1% of Paytm’s over 300 million customers use the new credit card, that’s a huge number, Stephen Bird, Chief Executive, Global Consumer Banking at Citi told reporters at a news conference. “That is why we had launched a debit card of our bank and today we complete our offering with a credit card partnership with Citibank.”Sharma, a self-made billionaire, said his firm is targeting “urban aspirational users who are first-time credit users”. For Citi, it is a big opportunity to extend its retail presence in India.
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