Paytm Visa physical debit cards soon; Paytm Payments Bank eyes 45 lakh cards in FY22

Paytm Payments Bank has enhanced the debit card experience with this offering by making the entire process digital.

Paytm Payments Bank will launch physical debit cards issued by Visa. Currently, it offers physical debit cards by Rupay, and virtual debit cards by Visa to customers. Paytm said that Visa physical debit cards will allow customers to use these at over 50 lakh Visa acceptance points and will allow them to tap and pay for contactless transactions. Paytm Payments Bank has already issued over 45 lakh virtual debit cards. It has now set a target to issue over 10 lakh physical debit cards by the end of this fiscal. Paytm is among largest issuer of RuPay Debit Cards in the country, which can be used by customers at all the major online merchants which accept Rupay cards

How to apply for physical debit cards by Visa?

Through the Paytm Payments Bank section on the Paytm app, customers can apply for a physical card. They can set the PIN once they receive the card. This debit card will let customers avail Visa offers, along with features such as international payments and ‘tap-and-pay’ transactions. According to the company’s management, this is another step to democratise the digital financial ecosystem in the country. “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,” Satish Kumar Gupta, CEO & Managing Director, Paytm Payments Bank Ltd, said.

Paytm IPO on cards

Paytm is planning to come out with an initial public offer worth $3 billion later this year, PTI reported citing sources as saying. Upon successful launch of IPO, Paytm would be the largest such offer. Coal India’s Rs 15,200 crore-IPO launched in 2010 is the country’s largest public issue till date. The SoftBank and Alibaba-backed company is looking at raising around $3 billion (over Rs 21,700 crore) at a valuation of well over $25 billion, the sources privy to the development said.

Paytm registers 97.5 crore digital transactions in Mar’21

Last year, Payments Bank had enabled banking services through Aadhar authentication by integrating the Aadhaar enabled Payment System (AePS). It also launched the Direct Benefits Transfer (DBT) facility, enabling customers to receive the benefits of over 400 government subsidies directly into their Paytm Payments Bank Savings Account. Paytm registered over 97.5 crore digital transactions in March 2021, led by the transactions on Paytm Wallet, Paytm FASTag, Paytm UPI, and internet banking over the last several quarters.