The digital payment company Paytm, had announced last year that they will be rolling out Paytm debit card (RuPay card) back in 2017. Keeping their promise alive, the digital payment company is now entering into physical banking.
On Thursday, Vijay Shekhar Sharma, the founder of the company, announced on micro-blogging site Twitter that they are launching the all new debit card with no transactional charges.
The post shared in Twitter by Vijay stated, "Paytm BHIM UPI is here. Now create your own UPI ID and link your bank account for faster payments. Send money directly to any bank account at zero per cent charge. Paytm Payments Bank Savings Account holders can now order a physical debit card from the App. Now shop easily at any shop or withdraw money from any ATM with your debit card.
"The company has also launched UPI on its iOS app (launched on Android a month ago), enabling users to create their own Paytm UPI IDs, which will be issued by Paytm Payments Bank. They can now link any of their savings bank account with this unique Paytm UPI ID and start sending and accepting money directly into their bank account with no waiting time to add beneficiary. They will also not have to share their bank account details and IFSC code with anyone to receive money. This will enable Paytm users to transact digitally with more choices, great ease and convenience. They can also use their Paytm UPI IDs to pay at any of the 6 million Paytm partner retail outlets across India. Paytm UPI IDs are being accepted across all banks and UPI apps," said in an official statement released by Paytm.
This move will benefit users who use Paytm for shopping and other expenditure. They now can use the card with the merchants who do not have option for Paytm.
The Paytm bank doesn’t charge for online transactions. The interest a user will get is of four percent per annum every month.
Renu Satti, MD and CEO – Paytm Payments Bank said, “Our customers are issued a free Digital Debit Card at the time of opening their bank account. We are excited to offer them the option of a physical Debit Card which account holders can request for. This will add to the convenience of our customers as they can now use their Paytm Debit Card to pay across all online platforms as well as offline stores with their Paytm Payments Bank account. We are also glad to announce the launch of UPI on iOS. We are already among the largest platform for UPI transactions and the launch on iOS will further increase the volumes.”
Users can also avail for a free virtual card to make online purchases across all merchants accepting RuPay cards. You can order the physical debit card through your Paytm App.