Paytm has tied up with ICICI Bank to launch virtual prepaid cards for its wallet users. The 16-digit virtual card will be co-branded by both Paytm and ICICI Bank. Wallet users can use these cards to shop both online and offline. Physical cards will also be issued to a select set of customers who will be able to use them at any merchant that accepts Credit/Debit/Prepaid cards. Also Read - Paytm IPO in November? SEBI gives go ahead to the nation's biggest initial public offeringAlso Read - How to store your Aadhaar, COVID-19 certificate on Paytm app
Additionally, Paytm Wallet users can now also add money to their mobile wallets through cash deposits at all ICICI Bank branches. This service is aimed at providing convenience to those customers who may not have Credit/ Debit Cards or Net Banking facilities, but still wish to use the mobile Wallet. This facility is available to all Paytm Wallet users, irrespective of whether they are ICICI Bank customers or not. Also Read - Karnataka government bans online games involving betting
We are also considering bringing this offering to customers through Paytm s Payment bank that starts operations next year. This move will give universal access to our consumers, who can shop at any establishment that accepts, credit, debit and prepaid cards, reveals Vijay Shekhar Sharma, Founder & CEO, Paytm.
ICICI Bank hopes the tie up will help further expand electronic payments in India. The additional service of loading money into Paytm Wallets at over 4,000 ICICI Bank branches is yet another initiative to popularise the usage of electronic payments in the country, Rajiv Sabharwal, Executive Director, ICICI Bank.
The latest tie up comes months after Paytm tied up with major insurance companies to offer online premium payments. The insurance companies included ICICI Prudential Life, Religare Health, Reliance Life and Reliance General.