Paytm Payments Bank on May 28 announced that it will soon start issuing physical debit cards by Visa. The firm has so far issued over 4.5 million virtual cards and is now targeting to issue over 1 million physical debit cards by end of FY 2021.
"Through the Paytm Payments Bank section on the Paytm app, customers can not only apply for the physical card but can also set the pin of the card once they receive it," it said in a release.
"Physical cards will help more people have another payment method to rely on whenever they are out buying services or shopping. This partnership will allow millions of our customers to avail the benefits of Visa debit cards along with the power to make international transactions," said Satish Kumar Gupta, CEO & Managing Director, Paytm Payments Bank Ltd.
The firm said that the debit card will come with features such as international payments and ‘tap-and-pay' transactions in addition to the bouquet of Visa offers.
Commenting on the launch, TR Ramachandran, Group Country Manager, India & South Asia for Visa, said, "Visa is delighted to extend our long-standing strategic partnership with Paytm to launch physical debit cards. These physical debit cards will allow customers to use over 5 million Visa acceptance points as also allow them to tap and pay for contactless transactions. We look forward to working closely with Paytm to accelerate the movement towards a less-cash digital economy.”
Meanwhile, Paytm Payments Bank's parent organisation One97 Communications is planning to go public in what is touted to be one of the country's largest initial public offerings (IPO).Paytm ranks third on UPI payments with a 12% share but leads on integrated merchant payments processed, according to a report published by research firm Bernstein. Paytm has over 350 million installed user base besides 20 million merchants on its platform.