Paytm payment bank rolls out physical debit card
The members of Paytm payment bank is now able to order physical debit credit cards from the Paytm app. Previously, the bank provided only digital debit credit cards which are granted to customers after the opening of Person Savings Account.
The development was confirmed by Paytm and One97 Communication founder Vijay Shekhar Sharma in a recent tweet. Customers can also get Debit & ATM card with the same quantity as the digital greeting card. This cards can be utilized for withdrawing cash from an ATM and to shop at any store across India.
The debit cards can be bought from Paytm app for a onetime fee of INR 120.
In another development, Vijay Shekhar Sharma also declared the integration of BHIM UPI on iOS phone users. The iPhone users are now able to create their own Paytm BHIM UPI Identification on the app, and web page links their Savings bank-account with it.
Previously in November 2017, the digital payments platform also declared the integration of BHIM UPI app on Android.
Paytm is aggressively attempting to establish its Payment Bank in the country. Recently, it got into a collaboration with Induslnd Lender to introduce that creates a fixed deposit when customer balance surpasses $16K (INR 100K) by the end of the day.
Also, the bank recently revealed ‘Paytm Ka ATM’ outlets that allow customers to open saving accounts and first deposit/withdraw money. These specially branded outlets will play a key role in enhancing access to banking services in smaller cities and towns by ensuring that customers find it easy-to-locate access points near them.
With the commitment to invest $466.5 Mn (INR 3000 Cr) within the next three years to make a network of 10K offline consumer bank touchpoints, which further new features Paytm payment bank will reveal soon, will be worthwhile watching.
Source- Inc 42