Paytm Payments Bank account holders to get physical debit cards soon

Paytm Payments Bank Ltd (PPBL) has partnered with Mastercard for the issuance of virtual and physical debit cards. Leveraging Mastercard’s best-in-class mobile and artificial intelligence tools, PPBL will be able to offer its customers the highest levels of security for digital transactions, according to an offical statement. 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.

Speaking on the Paytm Bank Mastercards deal Satish Kumar Gupta, CEO & Managing Director, Paytm Payments Bank Ltd said, “We continue to play a leading role in spreading the digital payments network in the country. 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.”

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Porush Singh, Division President, South Asia, Mastercard said, “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 of India’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.”

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.