According to Mint, the company plans to issue two million cards to customers in the next 12-18 months. Therefore, Paytm is building ‘Next generation’ credit cards which include features such as insurance protection against fraudulent transactions, a personalised spend analyser, and will offer instant one-touch services for changing of security pin, updating address, and blocking the card. Besides, the credit card experience on the Paytm app was digitalized to help customers track issuance of their new credit card.
Moreover, thanks to the initiative, the company plans to expand into the credit market by allowing 'new to credit' users to join the digital economy. In addition, Paytm will also offer users the option of ‘switching off’ the credit card for contactless payments or international transactions, when not required, to prevent fraud.
Furthermore, the reward points will have no expiry date and users will be enabled to use them for various payments in the Paytm ecosystem, Mint stated.
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