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April 17, 2020

Paytm Payments Bank begins issuing Mastercard debit cards

India-based Paytm Payments Bank has partnered with Mastercard to issue physical and virtual debit cards.

Initially, the payment bank will issue only virtual debit cards to its beta customers.

Using virtual debit cards, customers will be able to perform secure online transactions.

Paytm Payments Bank said that it will soon make this card available for all its banking customers.

To ensure ‘highest levels’ of security for digital transactions, the bank will leverage Mastercard’s mobile and artificial intelligence platforms.

The bank added that it will gradually roll out physical debit cards, which is supported by Mastercard’s chip-based technology.

It will also support contactless in-store transactions, the bank noted.

The cardholders will also enable users to withdraw cash from more than one million ATMs globally.

Paytm Payments Bank CEO and managing director Satish Kumar said: “We aim to provide maximum flexibility to our customers to choose their preferred mode of digital payments, and our partnership with Mastercard is in the same direction.”

Paytm, which is said to have nearly 60 million bank account holders and 300 million digital wallets users, aims to issue over 10 million digital debit cards by the end of 2021.

Mastercard South Asia division president Porush Singh said: “Mastercard is committed to the Government of India’s vision to fuel the growth of digital payments.

“Towards this goal, Mastercard is pleased to offer its fully-integrated global payment platform to Paytm Payments Bank to enable cardholders to have access to the safest way of making electronic payments.”

Last month, Paytm also partnered with Visa to begin issuing Visa virtual debit cards to its customers.

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