Paytm Bank to now issue Visa debit cards; target 10 million new cards in FY ‘21
Paytm Payments Bank Ltd (PPBL), which is India’s largest and only profitable payments bank, has announced that it will now start issuing Visa Debit Cards to its customers. 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.
Paytm Payments Bank has played a leading role in spreading the reach of debit cards across the country. With over 57 million digital debit cards, the bank now has a debit card in every district of India. With this partnership, PPBL is targeting to issue over 10 million new digital debit cards in FY 20-21.
Paytm Payments Bank leads digital banking in India and has been consistently out-performing its industry peers on several parameters. The bank’s performance has also been recognized by the Ministry of Information & Technology (MeitY) in the form of Digital Payments Award for Highest Category of 100 crore digital transactions – the largest and the only bank to do so in the 100 Cr+ category.
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.”
Commenting on the partnership, TR Ramachandran, Group Country Manager, India & South Asia, Visa, said, “Debit cards, because of their ease to use and familiarity, continue to be the first choice of newly banked customers. They play a critical role to migrate these customers to the digital economy and help them make non-cash transactions. We are extremely delighted to partner with Paytm Payments Bank and provide virtual debit cards to their customers and reinforcing the vision of a less-cash society.”
PPBL continues to be India’s most successful payment bank and a comprehensive platform of funding sources. Besides 100 million UPI handles, there are 300 million wallets, 220 million saved cards and 57 million bank accounts on the platform.