Paytm has taken one step ahead by announcing the physical debit cards launch for its account holders. This is the effect of its customers seamlessly making payments across offline and online platforms.
The added advantage is that the debit card holders can also enjoy now the facility of withdrawing money from the nearest ATM using this card. It offers the feature of placing online order for physical debit cards through the Paytm app.
This service is available right now on iOS devices for Paytm users and soon the Android users will also enjoy this launch facility. Initially, the bank gave digital debit cards on opening savings account. However, this advancement was confirmed by Vijay Shekhar Sharma, One97 Communication and Paytm founder in a tweet recently.
The company enables its users to create Paytm IDs on their own and this will be issued by Paytm bank. Thus people can link their savings account with this UPI ID of Paytm and enjoy accepting or sending money into their bank account directly and there is no need for waiting time, even if you wish to add a beneficiary. The advantage is there is no need to share the details of bank account or the IFSC code for one to just receive money.
The Paytm users can now conveniently transact digitally and enjoy the ease and convenience. Using Paytm UPI IDs is of no convenience and it is accepted across all UPI apps and banks.
To request for physical debit card, there is a need to create Paytm payments bank account. The advantage is that it allows you to create your login ID Paytm and also the password. Once you open, there is a nominal fee charged by them.
Using the Paytm payments bank, you can enjoy all the regular banking services and there is no need of standing in lines to verify your KYC. Apart from this, the minimum balance limit rule also is not applicable, but 1 lakh is the maximum balance limit. On opening the Paytm bank account, you receive a digital Rupay debit card that facilitates you to do onine transactions.
In 2017 November, the platform of digital payments announced the BHIM UPI app integration on Android.
Paytm is working assertively to establish its Payments Bank and has now entered with Induslnd Bank into a partnership to introduce a facility to create fixed deposit when customers balance surpasses $16K (INR 100K) by the day end.
The bank also revealed outlets ‘Paytm Ka ATM’ permitting customers to open saving accounts and also to withdraw or deposit money. These branded outlets play a crucial role in promoting access to banking services by ensuring the customers that they offer easy-to-locate access points in cities and towns.
The new commitment of investing $466.5 Mn that is approximately 3000 Cr INR within the coming three years is said to create a 10K offline network consumer touchpoints and this will offer more new Paytm payments bank features to the users that will be worth visualizing in the future.