Paytm Payments Bank Ltd (PPBL) has revealed that it will start issuing Visa Debit Cards to its customers. The bank already issues RuPay Debit Cards for its userbase.
Paytm Payments Bank will issue Visa virtual debit cards to its customers, which will enable them to transact at all merchants accepting payments through cards. Furthermore, the customers will also be able to make international transactions using their Visa debit cards. The company further revealed that customers will have an option to request for a physical card as well through which they can make contactless payment through their chip-inserted cards.
With this partnership, PPBL is targeting to issue over 10 million new digital debit cards in FY 20-21. The company claims that there are 100 million UPI handles, there are 300 million wallets, 220 million saved cards and 57 million bank accounts on the platform.
Satish Kumar Gupta, CEO & Managing Director, Paytm Payments Bank Ltd said, “As we continue to strive and bring half-a-billion Indians to the mainstream digital economy, it is indeed a proud moment for us to partner with Visa. This partnership will allow millions of our customers to avail the benefits of Visa debit cards along with the power to make international transactions.”
Previously, Paytm announced the launch of its new Paytm for Business application and Business Khata along with Paytm All-in-One QR for its merchant partners in India. Paytm for Business application will enable large and small businesses to track and pay all their payments from one place. One can use APIs or Paytm for Business Dashboard to make bulk payments to Paytm Wallet, Bank Accounts and UPI addresses instantly.