Citi, Paytm tie up to issue credit cards, offer 1% cashback on transactions

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