Paytm Payments Bank is set to begin issuing Visa virtual debit cards to its customers.
The target is to offer ten million virtual cards in the 2020/2021 financial year.
Visa group country manager for India & South Asia TR Ramachandran said: “Debit cards, because of their ease to use and familiarity, continue to be the first choice of newly banked customers.
“They play a critical role to migrate these customers to the digital economy and help them make non-cash transactions.”
The users of the debit card can make international payments.
They can also apply for a physical card and make contactless transactions using their chip-embedded cards.
Paytm Bank already issues RuPay debit cards. The bank is said to have issued 57 million virtual debit cards to date.
Commenting on the latest move, Paytm Payments Bank CEO and managing director Satish Kumar Gupta said: “As we continue to strive and bring half-a-billion Indians to the mainstream digital economy, it is indeed a proud moment for us to partner with Visa.
“This partnership will allow millions of our customers to avail the benefits of Visa debit cards along with the power to make international transactions.”
Paytm Payments Bank formally launched operations in 2017 after securing the final nod of the Reserve Bank of India.