SBI Cards and Payment Services Limited was incorporated as a private limited company with the name "SBI Cards and Payment Services Private Limited" on May 15, 1998 in New Delhi. On the conversion of Company to a public limited company, the name was changed to, "SBI Cards and Payment Services Limited" on August 20, 2019. The Company is engaged in the business of issuing credit cards to consumers. It also acts as corporate insurance agent for selling insurance policies to credit card customers.