On Wednesday, Paytm Payments Bank Ltd confirmed that it would now begin issuing its customers with Visa virtual debit cards.
The Bank of Payments is expected to launch 10 million new cards by the end of the next financial year. The bank is now the largest issuer of RuPay Debit Cards, known for introducing neo-banking in the nation, and has the fastest-growing bank account base.
PPBL remains India’s most effective payment bank and a robust funding source network.
In addition to 100 million UPI handles, the website includes 300 million wallets, 220 million stored cards, and 57 million bank accounts.
PPBL said it would issue Visa virtual debit cards to its customers, enabling them to transact via cards to all merchants that accept payments.
The Paytm-owned payments bank also said that customers can able to use these cards to make international purchases will be given a physical card application option.
Paytm Bank is providing digital debit cards for all who have open accounts, but physical cards were provided only on customer-specific requests.
Paytm has not commented on Visa’s relationship, but has said it will continue to issue RuPay cards.
Ramachandran, Visa group country manager for India and South Asia said, “This collaboration is in line with our joint plan to extend India’s network of contactless card acceptance.
The contactless card lets users make up to INR 2 K purchases by merely pressing their card on a POS terminal. For such payments, there is no need for a PIN or a signature.
Paytm is now allowing retailers to start accepting contactless card payments on the Paytm network. Now, It will help customers to make contactless payment through chip-inserted cards.