Paytm Payments Bank will be going to launch its physical debit cards. The cards will be VISA Debit Cards. The company is tied up with Visa. Presently, it is offering physical debit cards via Rupay and virtual debit cards by VISA to its customers. According to the company, the new Visa physical debit card will allow the customers to use the physical debit card at over 50 lakh Visa acceptance points and will provide them with a tap and pay facility for contactless transactions. The company has already issued over 45 lakh virtual debit cards and is taking the target to issue over 10 lakh physical debit cards by the end of this financial year. Paytm Payment Bank is among the largest issuers of RuPay Debit Cards in the country.
How do I apply for physical debit cards?
Customers can apply for a physical card through the Paytm Payments Bank section of the Paytm app. upon receiving the physical card, they can set the PIN. Customers will get various Visa offers, along with an international payment option and tap-and-pay for contactless transactions. This is another step to promote the digital financial transaction ecosystem in the country. “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,” Satish Kumar Gupta, CEO & Managing Director, Paytm Payments Bank Ltd, said.
Paytm IPO on cards
Paytm is also planning to come up with an initial public offer (IPO) worth $3 billion later this year. Upon the successful launch of IPO, it would be the largest IPO launch in the country. Presently, Coal India’s Rs 15,200 crore-IPO launched in 2010 is the country’s largest public issue till date.
Digital transactions of 97.5 Crore
Last year, major Payments Bank enabled banking services through Aadhar authentication by integrating the Aadhaar enabled Payment System (AePS). They have also enabled the Direct Benefit Transfer (DBT) facility for its customers to receive the benefits of over 400 government subsidies directly into their Payments Bank Savings Account. Paytm registered over 97.5 crore digital transactions in March 2021, led by transactions on Paytm Wallet, Paytm FASTag, Paytm UPI, and internet banking over the last several quarters.