Mobile payment and commerce platform Paytm has joined forces with Indian private sector lender ICICI Bank to launch virtual prepaid cards for its wallet users.
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The new co-branded card will be linked to an individual’s Paytm wallet, and can be used to make purchases online as well as offline.
The partnership will also enable customers of Paytm to top up their mobile wallets at all ICICI Bank branches through cash or cheques.
In addition, physical cards will be offered to select customers for use at any merchant accepting credit, debit or prepaid cards.
Paytm founder and CEO Vijay Shekhar Sharma said: "Through this 16-digit, Paytm-ICICI Bank co-branded virtual prepaid card, our customers can shop at any retail outlet that accepts Visa, MasterCard and Rupay.
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By GlobalData"We are also considering bringing this offering to customers through Paytm’s Payment bank that starts operations next year. This move will give universal access to our consumers, who can shop at any establishment that accepts, credit, debit and prepaid cards."
