Citi is already one of the largest credit card issuers in India with over 2.7 million cards in March 2019, while Paytm with interests in e-wallets and e-commerce has 300 million users.
Seeking
to increase its penetration, American lender Citi
has tied up with Paytm to launch a co-branded credit card with a slew
of incentives.
Citi
is already one of the largest credit card issuers in India with over
2.7 million cards in March 2019, while Paytm
with interests in e-wallets and e-commerce has 300 million users.
"Within
that population (of 300 million), even if we take one per cent of
that population (for the card), that is 3 million customers.
We
think there is tremendous potential for growth of this partnership,"
Citi's Chief Executive (Global Consumer Banking) Stephen Bird told
reporters here.
Paytm
Chairman and CEO Vijay Shekhar Sharma declined to spell out a formal
target which the partners are aiming for with the new offering.
Both
the partners have jointly developed a tool through which Paytm will
be able to identify a potential base of customers who will be
interested for a card and also meet credit requirements for the
unsecured product.
"This
is a partnership between two incredible companies" -
@vijayshekhar
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