SBI Card collaborates with CRED to facilitate tokenization for card-based payments

SBI Card has partnered with credit card payment platform CRED to enable cardholders to tokenize and pay with their cards on devices. In an exchange filing, the credit card service provider stated that the service is only available on Android NFC devices. The service is currently only available in India. “Only Cards issued in Indian territory are currently supported by the CRED Network. Customers may, however, transact in international locations using their SBI Card via the CRED Network “According to the filing.

Meanwhile, SBI Card has informed its customers that the charges will be revised beginning March 17. Individuals who pay their rent with a credit card will now be charged Rs 199 plus applicable taxes, up from the previous fee of Rs 99, according to an SMS and email sent to cardholders. “Charges on Rent Payment transactions with SBI Credit Card will be revised with effect from 17 Mar 2023,” the company said in an SMS to customers.

In November 2022, the company increased the processing fee for credit card rent payments to Rs 99 + 18% GST. SBI Card was introduced in 1998. SBI Card, headquartered in Gurugram, became the country’s first credit card company to list on the stock exchanges in March 2020. The company claims to have over 15.5 million credit cards in circulation and to be the country’s second-largest credit card issuer.

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