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Lifeline

Credit cards are the new black for payments companies

The likes of Paytm and Amazon Pay once saw credit cards as competition. Now they see them as a lifeline

18/06/19

Arundhati Ramanathan

Payments firms set out to disrupt traditional payment modes, but have now partnered with banks to launch credit cards

This gives payments companies a much-needed revenue stream, while giving banks access to credit-worthy customers  

Banks will also foot the bill for the generous rewards payments companies want to shower on users  

Could this finally unlock the full potential of India’s credit card space?

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A few years ago, around 2016-17, everyone was predicting an imminent disruption in the payments space. Traditional payments products by banks, they said, would be overthrown by younger, nimbler payments companies.

Leading the pack of would-be soothsayers was Nandan Nilekani, payments maven and architect of the government’s unique ID system Aadhaar.

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