Paytm Payments Bank has joined the network of payment giant Visa and will soon be able to issue Visa branded debit cards in India.
The agreement will enable Paytm Payments Bank to use Visa’s card issuing and payments network.
In a recent call with analysts, Visa CEO Alfred Kelly said: “We are working with Paytm Payments Bank to offer our debit credential solutions to enhance their offerings to their rapidly-expanding customer base.
“Paytm Payments Bank is also a new Visa acquirer and has launched contactless point-of-sale terminals for merchants who are new to card acceptance.”
This deal is expected to help Visa bring large, unorganised merchants into its fold in India.
Visa group country manager for India and South Asia TR Ramachandran said: “In line with our combined strategy to expand the contactless card acceptance network in India, Paytm is also in the process of enabling merchants on the Paytm network to start accepting contactless card payments.”
Until now, customers who open accounts with Paytm have been receiving digital debit cards. The bank issues RuPay debit cards to customers who specifically request for physical debit card.
Paytm did not comment on its deal with Visa but said it will continue to issue RuPay cards.
Paytm Payments Bank spokesperson said: “Paytm Payments Bank will continue to issue RuPay cards as well to our customers. Our partnership with NPCI is strong and will continue to grow in the time to come.”