"Credit cards are always misunderstood. A lot of people understand that if there is a card in the pocket that they can just go and use the limits. But one thing which I will say with caution and I think I want everybody to think about is that it is a payment instrument if used in discipline. It offers a great set of benefits."
Bernstein's 12-month target price for Paytm at Rs 1,100 is 8 per cent higher than the consensus estimate of Rs 1,018 and suggests 21 per cent potential upside over Wednesday's closing price of Rs 905.60.