Vijay Shekhar Sharma-led Paytm Payments Bank Ltd (PPBL) Wednesday announced that it will start issuing Visa virtual debit cards to the customers. Over 10 million new digital debit cards are targeted to be issued in FY21, PPBL also said in a statement. “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”, Satish Kumar Gupta, CEO & Managing Director, Paytm Payments Bank Ltd, said.
Virtual debit card
Visa virtual debit cards would enable its customers to transact at all merchants accepting payments through cards. For the first time, the bank’s customers would also be able to make international transactions using their Visa debit cards, it said. 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. “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”, TR Ramachandran, Group Country Manager, India & South Asia, Visa, said.
Meanwhile, Paytm recently acquired a brokerage license for its wholly-owned subsidiary Paytm Insurance Broking Private Limited (PIBPL) to sell life and non-life insurance from the Insurance Regulatory and Development Authority of India (IRDAI).
