Paytm Payments Bank announced it was set to offer Visa virtual debit cards alongside its accounts, with plans to eventually extend this to physical versions on request.
The company currently offers debit cards through Indian state-backed issuer RuPay, though the addition of a Visa option will provide the ability to make direct payments to outlets outside of its home market.
Paytm Payments Bank aims to issue 10 million digital debit cards during the 2020/2021 financial year as a result of its deal with the multinational payment processing company. It already has 57 million accounts registered with RuPay virtual cards.
The banking brand is an affiliate of one of India’s largest mobile payment companies Paytm, which has more than 300 million registered wallets on its platform.
Paytm Payments Bank launched in several parts of India during May 2017, and was one of a number of providers offering basic current and savings accounts targeted at unbanked and underbanked individuals. It was created as part of a government initiative to extend financial inclusion and reduce reliance on physical cash.