Paytm talks to banks for co-branded cards

Paytm is in talks with banks to launch co-branded cards and plans to issue two million new cards over the next 18 months, as the fintechcompany pushes to deepen its foray into the credit card issuance and management business.

Paytm’s digital paymentsapp is set to double up as the digital interface to manage the finances linked to the credit cards of customers who receive the new cards, the company said in a statement.

Bhavesh Gupta, the newly appointed CEO of Paytm’s lending business, is set to undertake this project.

“In our country, credit cards are still considered a product for the affluent sections of society and not everyone can avail of its benefits,” he said in the statement.

“At Paytm, our aim is to provide credit cards that benefit India’s aspiring youth and evolved professionals,” Gupta, who was earlier the CEO of Clix Capital, added.