Paytm Bank to issue Visa virtual debit cards, targets 10M new cards in FY21

PaytmPayments Bank Ltd (PPBL) announced on Wednesday it will now start issuing Visa virtual debit cards to its customers. Visa virtual debit cards would enable its customers to transact at all merchants accepting payments through cards.

The bank's customers would also be able to make international transactions for the first time using their Visa debit cards. They will soon also have an option to request for a physical card. This will enable customers to make contactless payment through their chip-inserted cards.

Satish Kumar Gupta, CEO & Managing Director, Paytm Payments Bank Ltd 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.”

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Known for introducing neo-banking in the country, Paytm Payments Bank has played a leading role in spreading the reach of debit cards across the country. With this partnership, PPBL is targeting to issue over 10 million new digital debit cards in FY 20-21.

Commenting on the partnership, 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.”

The Paytm Bank’s performance has been recognised by the Ministry of Information & Technology (MeitY) in the form of Digital Payments Award for Highest Category of 100 crore digital transactions – the largest and the only bank to do so in the 100 crore+ category.