Paytm Payments Bank launches debit cards
New Delhi: Paytm Payments Bank on Friday launched physical debit cards for its account holders to enable them to withdraw cash from ATMs and make offline payments.
Till now, the payments bank had been issuing virtual debit cards which could only be used for online payments.
“This will add to the convenience of our customers as they can now use their Paytm debit card to pay across all online platforms as well as offline stores with their Paytm Payments Bank account,” said Renu Satti, managing director and CEO of Paytm Payments Bank.
Customers can now order for a physical RuPay debit card through the Paytm app. They will be charged Rs 120 as a one time fee while placing the order, the company said.
The physical debit card will enable the customers to make payments at outlets by simply swiping their cards at point-of-sale terminals like any other bank’s debit card, added Satti.
The company has also launched Unified Payments Interface (UPI) on its iOS app. The users will be able to create their own Paytm UPI IDs, which will be issued by Paytm Payments Bank. They can link any of their savings bank account with this unique Paytm UPI ID and start sending and accepting money directly into their bank account with no waiting time to add beneficiary. UPI for Android app was launched around a month ago.
Customers will also not have to share their bank account details and IFSC code with anyone to receive money. This will enable Paytm users to transact digitally with more choices, great ease and convenience, said a statement from the company.
Paytm Payments Bank was launched in November last year. Currently, India has four payments bank including Paytm Payments Bank. The other three operational ones are Airtel Payments Bank, India Post Payments Bank and Fino Payments Bank.
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