Paytm Payments Bank Limited (PPBL) 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.
Commenting on the partnership, Satish Kumar Gupta, CEO & managing director, PPBL, 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.”
Meanwhile, 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.”