To continue its journey in diversifying it business footprint Paytm has now collaborated with NPCI to unveil the first RuPay powered debit card in India. This digital debit card allows consumers to transact at all merchants and will be issued to only those customers who have opened their bank accounts with PPB.
Country’s major online retailers like Amazon and Flipkart does not allow customers to avail their transaction via Patytm wallet. But with Paytm Payment Bank debit card the consumers can quickly make transactions on these platforms as well. Moreover, this RuPay powered debit card also comes with a free insurance cover of up to Rs. 2 lakh.
Nonetheless, PPB can take a demand deposit of up to Rs. 1 lakh per customer, but it cannot avail lending activities. As it, services is quite restricted and intact in terms of banking. However, the company is looking forward to executing a strategic partnership to other reputed banks to offers additional services like deposits, retail and SME loans.
In order to open the account in Paytm Payment Bank, the existing Paytm users have to avail a KYC (Know your customer) Process. Nevertheless, commenting on the launch PPB, MD and CEO Renu Satti said:
Our customers will now be able to pay across all online platforms with our digital debit card and experience the same convenience that they have been accustomed to across the Paytm ecosystem.
To recall, Paytm announced its bank service way back in May this year. Paytm is the consumer brand of its parent company One97 Communication and it has over 13,000 employees as of January 2017 and has 3 million offline merchants pan India.
