Paytm, Citi come together to introduce Paytm First credit card

Paytm has announced the launch of the Paytm First Card issued by Citi, India's first card with 1% universal unlimited cashback, and no restrictions on earning categories.

Paytm First Card offers unlimited 1% cashback, without restrictions, auto-credited to card every month. The company also claims that there's no hidden fees or charges. Moreover, the card will be accepted in India and internationally and will be contactless enabled.

Users will have to pay full waiver of annual fee of Rs 500 on spends exceeding Rs 50,000 per year. Besides, the card users will also get Equated Monthly Installment (EMI) options. The card holders are liable to get exclusive offers on dining, shopping, travel, amongst others on the globally acclaimed Citi Privileges platform.

In order to get the card, Paytm users can apply through the Paytm app, where they will also be able to track offers through the Paytm First Cardpassbook. Paytm First Card customers will be awarded Paytm promo-codes worth Rs 10,000 on spending a minimum of Rs 10,000 on the credit card within the first four months of issuance.

The Paytm First Card passbook allows customers to track their credit card transactions and highlights exclusive offers, both from Patym and Citi on a real-time basis.

The company recently also announced the launch of a new recurring payment offering for merchants. The new service will enable the company to allow subscription-based businesses to collect payments from their users.

However, consumers will still have the option of choosing their preferred mode of payment like Credit Cards, Debit Cards, Net Banking, and Paytm saved cards for automatic billing based on the frequency of their subscription.