Paytm Payments Bank to issue 1 crore new Visa virtual debit cards
After RuPay, Paytm Payments Bank Ltd will be issuing digital Visa debit cards to its customers. Paytm Bank is a Noida based financial technology startup and founded by Vijay Shekhar Sharma.
The payment bank offers a Savings Account with minimum balance requirements or no account opening charges and it is one of the seven operational payment banks licensed by the Reserve Bank of India.
The bank said visa virtual debit cards would enable customers to transact at all merchants accepting payments through cards. With Visa virtual debit cards, consumers will be able to pay without contact through their chip-inserted card.
Paytm CEO and founder Vijay Shekhar Sharma own a 51% stake in Paytm Payments Bank Ltd. The bank also said that the customer of the Paytm Payments Bank would be able to make international transactions using their Visa debit cards.
The bank said that soon customers will be given the option to apply for physical cards as well. Paytm Bank said that it is the highest issuing bank in debit cards and it aims to issue 1 crore new digital debit cards in the financial year 2020-21 by partnering with the Visa card.
CEO and MD, Paytm Payments Bank Ltd, Satish Kumar Gupta said, “We want to bring half a billion Indians into the mainstream digital economy, it is indeed a proud moment for us to partner with Visa.”
The partnership between Paytm Payments bank and Visa will enable millions of our customers to enjoy the benefits of Visa Debit Card with international transactions, Satish Kumar Gupta added.