Paytm Payments Bank launches physical debit cards

Business

19 Jan 2018

Paytm now offering ATM-cum-Debit card: Here's how to get one

Homegrown digital payments giant Paytm has now launched a physical ATM and debit card for its Paytm Payments Bank account holders.

These cards can be used seamlessly across online as well as offline stores. Cardholders can also withdraw cash from any bank's ATM.

Paytm's banking customers can directly request the physical debit card online on the app itself.

Here's how to order one.

Android users have to wait for their debit cards

Paytm's physical debit card request service is available only for iOS users. Paytm said the service would be soon rolled out for Android devices. The cards can be ordered only by Paytm Payments Bank customers. Paytm users can easily open the account on the app.

Payments Bank

How to create Paytm Payments Bank account?

How to create Paytm Payments Bank account?

Before requesting for Paytm's physical debit card, users should have a payments bank account.

For creating the account, users can click on "Bank" tab on the app and submit the required details. Customers also need to verify their eKYC information. They would reportedly be charged a nominal fee.

While there's no minimum balance limit on this account, the maximum limit is Rs. 1L.

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Procedure

Here's how to order the physical debit card

Paytm Payments Bank account-holders get a digital debit card for online transactions. But now they can easily request for the physical RuPay ATM-cum-Debit card on the app.

On the app, users need to click on the "Bank" icon, select Debit & ATM Services>Request Card>Proceed.

Users will have to pay Rs. 120 after which their existing digital card will be delivered in a physical format.

BHIM UPI Feature

BHIM UPI integrated on iOS platform

BHIM UPI integrated on iOS platform

Apart from the debit card request feature, Paytm also launched BHIM UPI payments option on the iOS app.

iOS users can now create their Paytm UPI IDs issued by the payments bank. They can link their existing savings bank accounts to start sending/receiving money without sharing bank details and IFSC or make payments to merchants.

The digital payments option offers greater ease and convenience.

New Services

Paytm Payments Bank Chief on launching new services

The physical debit card will "add to the convenience" of banking customers, said Paytm Payments Bank MD-CEO, Renu Satti. She added users can now transact across all channels with their payments bank account.

Speaking on the launch on UPI on iOS, Satti said, "We are already among the largest platform for UPI transactions and the launch on iOS will further increase the volumes."

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