Paytm First Card launched in collaboration with Citibank

Paytm the digital payments company has launched its first credit card in association with Citibank on Tuesday called Paytm First Card.

The new credit card hyped to offer one per cent "unlimited cash back universally" to the customers. The new credit card is claimed to be accepted internationally. The company says it's unlimited one per cent cash back to be auto-credited every month without any restrictions through the new credit card.

The company told in a statement, the card is issued by Citibank and doesn't entail any hidden fees or charges. It comes with an annual fee of Rs 500; the fee will be fully waived off on expenses above Rs 50,000 per year. The card will also offer Paytm promo codes worth Rs. 10,000 on spending a minimum amount of Rs. 10,000.

Paytm said it will also offer an equated monthly instalment (EMI) option on purchases made on the card.

Vijay Shekhar Sharma, chairman and CEO of One97 Communication 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."

For the credit card Paytm customers can apply by using their Paytm app. The users can keep a track of their transactions with the help of the Paytm app by using the Paytm First Card passbook, which will let them know about the exclusive offers from both Paytm and Citibank, on a real-time basis.

In 2009 the parent company of Paytm, One97 Communication, started as a Citi Commercial Banking client. To make it convenient for Citi's customers in 2016, Paytm wallet was incorporated with Citibank's online and mobile app.