Paytm is planning to offer RuPay debit card to all the customers who have opened savings account with Paytm Payments Bank.
PPB & NPCI is all set to launch RuPay powered digital transaction cards in India for its customers. This will enable the transactions at all merchant who accepts debit & credit cards. In addition, Paytm has also stated that existing user who has completed KYC process can opt-in for Payments Bank.
National Payments Corporation of India (NPCI) controls all the digital transactions and its related services in country. RuPay card will be free of cost for PPB account holder, according to Paytm. Moreover, it will cover free insurance upto Rs 20 Lakh in case of death or permanent total disability.
Customers should get the best experience while shopping by using its RuPay card, Paytm wants. Managing Director & CEO Renu Satti said that major online platforms like Ola, Flipkart, Amazon do not allow Paytm wallets at present. With the release of this project, they are now fully capable to carry out transactions on it.
The next move of PPB is to have full banking services which include term deposits, retail and SME loans. At present, PPB can demand upto Rs 1 lakh per customer, but it cannot undertake lending activities.
Paytm Payments Bank was founded in May 2017. Its founder Vijay Shekhar Sharma owns as high as 51% of company stake in PPB while One97 Communication, under which Paytm falls, own remaining 49%.