Paytm and Citibank have officially announced the end of their co-branded credit card tie-up, effective immediately. The decision to terminate the partnership was mutual, with both companies citing differing business strategies as the primary reason behind the split.
The Paytm-Citi credit card was launched in 2018 and offered customers a range of benefits, including cashback on purchases, rewards points, and access to exclusive discounts. Despite initial enthusiasm for the card, both Paytm and Citibank acknowledged that the partnership had not met their expectations.
Paytm is said to be focusing on its digital payments and financial services business, while Citibank will continue to expand its suite of financial products and services in India. Both companies remain committed to providing their customers with the best possible experience and will work together to ensure a smooth transition for cardholders.
Existing Paytm-Citi credit cardholders will be able to continue using their cards until the end of their current billing cycle, after which they will need to choose a new credit card provider. Citibank has assured cardholders that they will receive all necessary information and support to make the transition as seamless as possible.
In a statement, Paytm said, “We would like to thank our customers for their support during the Paytm-Citi credit card partnership and look forward to continuing to serve them through our other products and services.” Citibank added, “We are proud of what we achieved with Paytm and would like to thank our customers for their loyalty during this time.”
The end of the Paytm-Citi credit card partnership marks the end of an era, but both companies are excited about new opportunities and growth in their respective businesses.