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Paytm and Ola Cabs launch co-branded credit cards in India

May 17 2019:  Within a day of  each other, leading Indian digital payments major, Paytm and  well known cab consolidator  Ola Cabs launched  co branded credit cards in India. On May 7  the Paytm First credit card, was unveiled,  co-branded and issued by Citibank India. The contactless-enabled card  will provide one percent cashback on all transactions made by the user, without any restrictions. The cashback will be auto-credited to the card every month. The card will be accepted in India and internationally, and comes with an annual fee of Rs 500, which will be waived off on spends exceeding Rs 50,000 per year. Customers can apply for a credit card on their Paytm app, where they will also be able to conveniently track offers through the Paytm First Card passbook.
A day  later  the local ride-hailing giant  announced that it had teamed with SBI and Visa to issue 10 million credit cards in the next three and a half years.
With about 150 million users availing more than 2 million rides on its platform each day, Ola is sitting on a mountain of data about its users’ financial power.




    


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