Paytm Payments Bank customers will be able to make international transactions using their Visa debit cards
Paytm is targeting to issue over 10 million new digital debit cards in FY 20-21
NEW DELHI :
Paytm Payments Bank Ltd (PPBL) today announced that it will now start issuing Visa debit cards to its customers. With this partnership, Paytm is targeting to issue over 10 million new digital debit cards in FY 20-21. The bank, known for introducing neo-banking in the country, is already the largest issuer of RuPay Debit Cards and has the fastest growing bank account base.
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. For the first time, the bank’s customers will also be able to make international transactions using their Visa debit cards. Soon, the customers will also have an option to request for a physical card. This will enable customers to make contactless payment through their chip-inserted cards.
With over 57 million digital debit cards, the payments bank now has a debit card in every district of India.
“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," Satish Kumar Gupta, CEO & Managing Director, Paytm Payments Bank Ltd, said.
TR Ramachandran, Group Country Manager, India & South Asia, Visa, said debit cards continue to be the first choice of newly banked customers because of their ease to use and familiarity.