Paytm Payments Bank (PPB) has partnered with the National Payments Corporation of India (NPCI) to launch a RuPay-powered digital debit card. With the PPB Digital debit card, customers will now be able to transact at all merchants who accept credit and debit cards. The RuPay-powered digital debit card will be issued to all customers who have opened their bank accounts with Paytm Payments Bank. Also Read - How to book COVID-19 vaccine slot via Paytm App, get Covaxin and Covishield shots with these simple stepsAlso Read - Alert! Paytm cashback scam: Fake Paytm website, it's a trick to steal your money
Existing Paytm users need to complete a KYC process to become an account holder with PPB. Following this, they will be issued a free digital RuPay card. This debit card will come with a free insurance cover of up to Rs 2 lakh in the case of death or permanent total disability.
“Our customers will now be able to pay across all online platforms with our digital debit card and experience the same convenience that they have been accustomed to across the Paytm ecosystem,” said Paytm Payments Bank MD and CEO Renu Satti. ALSO READ: Paytm Payments Bank: Here s how it compares with Digibank, Airtel Payments Bank and India Post Payments Bank
Major online platforms like Ola, Flipkart and Amazon do not allow users to pay for transactions using Paytm wallets currently. With these digital debit cards, they will now be able to make transactions on these platforms as well. Paytm Payments Bank is also looking to partner with other full-service banks to offer additional services to its customers and rolling out a full bouquet of services, including term deposits, retail and SME loans. ALSO READ: How to apply for Paytm Payments Bank account
As a payments bank, Paytm Payments Bank can take a demand deposit of up to Rs 1 lakh per customer, but it cannot undertake lending activities.