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.