Mobile wallet Paytm, on Thursday, rolled out the latest version of its iOS app, bringing the BHIM UPI facility, a couple of months after it was launched on Android in November. Apart from this, the Paytm Payments Bank debit card was also launched which means that the savings account holders can now order a physical debit card from the app itself. However, this Paytm debit card can only be acquired by the people who have accounts with the Paytm Payments Bank and is not for the Paytm wallet which is a separate service.
Earlier, the users were issued a virtual RuPay card when they signed up for a Paytm Payments Bank account which could be used online at no additional charge. The physical card which will now be provided will also be a RuPay card and can be used at stores and ATMs. The only extra fee users will have to pay for this Paytm Payments Bank debit card is an annual subscription of Rs 100, plus delivery charges. In case you lose this card, another Rs 100 will be charged along with the delivery.
This card can be used by the users at ATMs with no additional charges up to three times at metro locations, or five times at non-metro locations, as per the Paytm Bank website. After that, there is the standard Rs 20 per transaction fee.
Here are some Paytm Payments Bank debit card features:
1. Accepted online – You can use your Rupay Debit card across most online websites and apps in India.
2. Platinum card benefits – You can enjoy Platinum benefits such as discounts and cash back across a large number of merchants.
3. Free insurance – Yes, you get a free insurance cover of upto Rs 2 lacs in the incident of death or permanent total disability according to the terms and conditions.
4. Withdraw Cash from any ATM – You can withdraw cash at more than 200,000 ATMs across India.
5. Shop at any store – Swipe your Card at stores across India.
6. QR code on your Debit Card – Your Debit card will have a QR code to receive money instantly.
In case you don’t have a Paytm Payments Bank account, all you need to do is tap on the Bank icon on the bottom screen, and then enter your details, and your Aadhaar number. You then set up an appointment for a representative to come and complete the KYC formalities, and then you can use the bank account.