Paytm has today announced its foray into the physical finance space, with the launch of its first credit card service. Branded ‘Paytm First’ credit card, the service has been launched in partnership with Citibank and Visa. The card is branded after the company’s recently launched loyalty program, ‘Paytm First’.

At first glance, the card is pretty much similar to how other co-branded cards are being regularly launched by banks these days. In terms of benefits however, is where Paytm claims its differentiating factor.

To start with, the card offers what the company calls “universal unlimited cashback” to customers along with no restrictions on earning categories. And even though the Paytm First Card comes with an annual fee of Rs. 500, the fee could well be redeemed if your spendsreach Rs. 50,000 per year. A nominal figure for majority credit card users in India.

To apply for the Paytm First credit card, customers can submit applications directly via the Paytm app, though it will be given on the basis of individual digital behaviour, the company said in a statement. The card will offer Paytm promocodes worth Rs. 10,000 on spending a minimum of Rs. 10,000.

Paytm claims that it will offer unlimited one percent cashback, “without restrictions, auto-credited every month,” through the new credit card. The passbook of the credit card will also highlight exclusive offers from both Paytm and Citi on a real-time basis alongside enabling customers to track their credit card transactions.

Additionally, unlike the company’s debit card which was launched in 2017 and had access restricted within India, this credit card will be accepted globally. That has been made possible with the Citibank and Visa partnerships.

Citi and Paytm have jointly built a selection tool to identify the potential base and access creditworthiness. This will help enable customers to own a credit card without requiring a prior credit history.

“Our new offering is designed to bring utmost flexibility to our customers in their digital payment options will help spur large-ticket cashless payments,” said Vijay Shekhar Sharma, Founder and CEO of Paytm