Paytm Payments Bank Limited (PPBL) on Tuesday launched a physical prepaid card that is directly linked to a user’s Paytm wallet. Users can just top up the wallet to use the card and do not need to create a separate account. The card also enables the withdrawal of money from ATMs.
Satish Gupta, managing director and CEO of Paytm Payments Bank, said, “The launch of the Paytm Transit card will enable millions of Indians with the power of one single card that takes care of all transportation as well as banking needs.”
It has also created a completely digital process to apply, recharge and track all transactions of the cards on the Paytm App itself. The physical card will be delivered at the doorstep of the user or can be purchased at designated sales points.
Paytm is working with Hyderabad Metro Rail for the card’s rollout. Users in Hyderabad would be able to purchase the transit card, which will be displayed at the Automatic Fare Collection (AFC) gates and proceed with the journey.
“This service will help over 50 lakh riders who use metro/bus/train services every day and experience seamless connectivity. The card is already live in the Delhi Airport Express line and Ahmedabad Metro. With the Paytm Transit Card, people can use the same card in metros as well as other metro stations across the country,” the company said.
One97 Communications, the parent company of Paytm, owns a 49 per cent stake in the payments bank which reported revenues of Rs 130 crore in the quarter ended June. As of June 30, Paytm Payments Banks had 65.4 million savings accounts. For the quarter ended March 31, Paytm Payments Bank was the largest UPI beneficiary bank with a market share of 17.1% in transaction volume, according to RedSeer.
In April, Paytm said that PPBL was averaging 1 million new savings and current accounts a month. With over 64 million accounts, the bank’s total deposits have crossed over Rs 3,200 crore.