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May 31, 2021

Paytm Payments Bank to launch physical Visa debit cards

Paytm Payments Bank, an Indian e-payments platform provider, is set to issue physical Visa debit cards to its customers.

This expands the bank’s offerings of physical RuPay debit cards and virtual Visa debit cards.

The bank has issued more than 4.5 million virtual debit cards to date. It aims to issue nearly one million physical debit cards by the end of this fiscal year.

Paytm Payments Bank CEO and managing director Satish Kumar Gupta said: “Physical cards will help more people have another payment method to rely on whenever they are out buying services or shopping.

“This partnership will allow millions of our customers to avail the benefits of Visa debit cards along with the power to make international transactions.”

Customers can use the physical Visa debit cards at more than five million access and acceptance points. The new cards will also enable tap-and-pay contactless transactions and online and international payments.

Paytm users with a RuPay debit card or digital Visa debit card can apply for the new physical card.

Visa group country manager for India & South Asia TR Ramachandran said: “These physical debit cards will allow customers to use over five million Visa acceptance points as also allow them to tap and pay for contactless transactions.

“We look forward to working closely with Paytm to accelerate the movement towards a less-cash digital economy.”

Paytm Payments Bank formally launched operations in 2017. Apart from debit cards, the bank offers credit cards.

Last week, Paytm was reported to have plans to raise about $3bn (INR 218bn) in the biggest-ever IPO in India.

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