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Visa, Paytm Payments Bank to release joint debit cards

Thursday 9 May 2019 | 01:04 PM CET

Visa has signed an agreement with Paytm Payments Bank to launch Visa debit cards.

According to Visa, the company’s total acceptance points in India have expanded to over 4.5 million including over 1 million QR points as of February 2019. Paytm plans to grow India’s POS acceptance infrastructure in the following years, which is expected to help Visa grow its presence in the market.

Launched in May 2017, Paytm Payments Bank is a mobile-first bank with zero charges on all online transactions (such as IMPS, NEFT, RTGS) and no minimum balance requirement. In January 2019, the Reserve Bank of India (RBI) allowed Paytm Payments Bank to restart opening new accounts for its consumers after almost six months of the ban.

Following this, Paytm Payments Banks launched a zero balance current account with features such as unlimited free digital transactions and free debit card. The feature targeted individuals, sole business owners, and other small businesses who could not meet the minimum required balance of current accounts offered by traditional banks.

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