In a major bid to tap into the unorganised sector of India, American payments major, Visa is in talks with Paytm to start issuing Visa-branded debit cards.
Currently, Paytm Payments Bank which is a subsidiary of Paytm, offers digital debit cards to its account holders and only RuPay debit cards on the specific request of customers.
The partnership between Paytm Payments Bank and Visa was shared by Chief Executive Officer of Visa Alfred F Kelly during an interaction with The Economics Times.
Speaking to the daily, 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.”
The American payments major also said that the company has enrolled Payments Bank into its card issuing and payments network.“Paytm Payments Bank has formally joined the Visa network as a member and will soon be able to issue Visa cards in the market,” said TR Ramachandran, Visa’s group country manager for India and South Asia.
In 2017, Paytm Payments Bank was launched in order to allow customers to open an account with the company with zero charges on online transactions and no minimum balance requirement. In 2018, Paytm appointed Satish Kumar Gupta as managing director and chief executive officer of the digital bank.
(With inputs from The Economic Times)
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)