Digital payments major Paytm on Monday announced the launch of Paytm Transit Card through its banking subsidiary Paytm Payments Bank Limited. The new card has been rolled out keeping in mind the vision of one nation, one card and aims to equip millions of Indians with one physical card for all their everyday needs-from travel in metro, railways, State-owned bus services, toll & parking charges to payments at offline merchant stores, online shopping and more.
“The launch of the transit card is aligned with the bank’s initiatives to bring out products that make banking and transactions seamlessly operable for all Indians,” Paytm Payments Bank said in a statement.
It has also created a completely digital process to apply, recharge, and track all transactions of the cards on the Paytm app itself. The physical card will be delivered at the doorstep of the user or can be purchased at designated sales points, it added.
Users can top up the Paytm Wallet account to use the card and do not need to maintain any separate account. With this launch, users won’t have to worry about carrying multiple cards for different purposes and just use the Paytm Transit Card for all their payments.
Also Read: Dream Sports raises $840mn funding from Falcon Edge, others at $8bn valuation
“The launch of the Paytm Transit Card will enable millions of Indians with the power of one single card that takes care of all transportation as well as banking needs. This will drive financial inclusion and accessibility for all. We are glad to be a part of the NCMC initiative and will continue to work towards the digitisation of the transit ecosystem in the country while driving the adoption of smart mobility solutions,” Satish Gupta, MD & CEO of Paytm Payments Bank Ltd said.
