Paytm Payments Bank partners Mastercard to launch debit cards

Paytm Payments Bank will now issue Mastercard debit cards to its account holders to enable them perform online transactions, make payment in stores as well as withdraw cash from ATMs.

"Paytm Payments Bank Ltd (PPBL) has partnered with Mastercard for the issuance of virtual and physical debit cards. To start with, PPBL will issue Mastercard virtual debit cards to its new customers, enabling them to perform secure online transactions that make everyday purchases faster, easier and safer," PPBL said in a statement on Thursday.

PPBL has announced that it aims to issue over 10 million digital debit cards in FY 2020-21.

"Soon customers will also have an option to request a physical card, enabling them to do contactless in-store transactions supported by Mastercard's chip-based technology. Additionally, they will be able to withdraw cash at more than 1 million ATM terminals across most of the world," the statement said.

PPBL claims to have 5.7 crore bank account holders and 30 crore digital wallets.

"We aim to provide maximum flexibility to our customers to choose their preferred mode of digital payments, and our partnership with Mastercard is in the same direction," PPBL CEO & Managing Director Satish Kumar Gupta said.

Mastercard South Asia division President Porush Singh said that while digital payments are taking off in India, growing faster than many other countries around the world, 90 per cent of all retail transactions are still in cash.

"Mastercard is committed to the government's vision to fuel the growth of digital payments. Towards this goal, Mastercard is pleased to offer its fully-integrated global payment platform to Paytm Payments Bank to enable cardholders to have access to the safest way of making electronic payments," Singh said.