Paytm Payments Bank to issue 10 mn Visa virtual debit cards to customers by 2020-21
Paytm Payments Bank Ltd announced on Wednesday it will now start issuing Visa virtual debit cards to its customers
Bengaluru: Paytm Payments Bank Ltd announced on Wednesday it will now start issuing Visa virtual debit cards to its customers.
PPBL said it is targeting to issue over 10 million new digital debit cards in 2020-21.
The bank said in a statement it is already the largest issuer of RuPay debit cards and has the "fastest-growing" bank account base.
Visa virtual debit cards would enable its customers to transact at all merchants accepting payments through cards.
For the first time, the bank's customers would also be able to make international transactions using their Visa debit cards, it said.
Soon, the customers will also have an option to request for a physical card.
This will enable customers to make contactless payments through their chip-inserted cards.
RBI lifts restrictions on Mastercard: Explaining why the company was not allowed to add new customers in India
The ban restricting Mastercard from adding new customers in July 2021 had come after it had failed to adhere to the Reserve Bank of India's rules of data storage. The central bank had then mandated that all service providers store the data relating to payment systems in India
The RBI had earlier set a deadline of 30 June for tokenisation of debit and credit cards. As part of this initiative, merchants and payment aggregators are required to delete all card details and replace them with tokens