Google has suspended business activity involving the transfer of hardware, software and key technical services with Huawei. Analysts say that could be a big blow to the...Technologyread more
Global dividends reached a first-quarter record of $263.3 billion, rising 7.8% despite concerns about the world economy, according to new reach Monday.Marketsread more
Trump's threat, posted on Twitter, comes amid rising international tensions in the Middle East as the U.S. has dispatched a carrier strike group and bomber task force to the...Politicsread more
Huawei Technologies will immediately lose access to updates to the Android operating system, a source close the matter told Reuters.Technologyread more
The firm upgraded the stock to equal-weight from underweight ahead of the company's earnings on Wednesday.Marketsread more
Huawei claims it has developed its own operating system for smartphones and laptops for "extenuating circumstances."Technologyread more
Current geopolitical tensions are making it harder and harder for oil-producing nations to make decisions that will help stabilize crude prices, Russian Energy Minister...Oilread more
Yardeni Research's Edward Yardeni recommends investing in U.S. companies with exposure to China.Trading Nationread more
Robert Smith announced that he and his family would set up a grant to pay off the nearly 400 graduating seniors' student loans. The total gift is estimated at $40 million.Educationread more
Deutsche Bank denied a report that said some of its executives rejected the advice of the bank's own anti-money laundering specialists and prevented some transactions...Financeread more
Oil prices jumped on Monday after Saudi Energy Minister Khalid al-Falih indicated there was a consensus among OPEC and allied oil producers to continue limiting supply.Energyread more
(Corrects syntax in headline)
MUMBAI, May 14 (Reuters) - India's top digital payments firm Paytm on Tuesday launched a credit card with Citigroup, widening its financial product base while giving its banking partner an opportunity to vastly expand its credit card customer base in the country.
The new card should help Paytm stay a step ahead of rivals in the fiercely competitive digital payments market in India where companies from Alphabet Inc-owned Google to Walmart-owned PhonePe, are all scrambling to grab a piece of the digital payments pie that is projected to grow to $500 billion by 2020, according to the Boston Consulting Group.
For Citi, it is a big opportunity to extend its retail presence in India.
Even if only 1% of Paytm's over 300 million customers use the new credit card, that's a huge number, Stephen Bird, Chief Executive, Global Consumer Banking at Citi told reporters at a news conference.
"We think there is a tremendous potential for growth of this partnership," Bird added.
Paytm became a household name across India after New Delhi's shock move to ban high-value currency notes late in 2016 led to a cash crunch and boosted use of its electronic wallet.
Its parent One97 Communications counts Japan's SoftBank Group, Alibaba and Berkshire Hathaway among its investors.
The Paytm First Card will offer 1 percent cashback on all transactions, unlike reward points offered by most rival credit cards in India.
"We understood that there is a set of the customer base or customer needs that get fulfilled when you have a credit card or card in the hand," said Vijay Shekhar Sharma, founder and CEO of One97 Communications.
"That is why we had launched a debit card of our bank and today we complete our offering with a credit card partnership with Citibank."
Sharma, a self-made billionaire, said his firm is targeting "urban aspirational users who are first-time credit users." (Reporting by Sankalp Phartiyal Editing by Keith Weir)