Paytm Launches Virtual Prepaid Cards in Partnership with ICICI Bank
Paytm, India’s largest mobile payment and commerce platform, announced launch of Virtual prepaid cards for consumers in partnership with ICICI Bank. The prepaid card will be a co-branded card and will be linked to user’s paytm wallet.
With this virtual card, consumers will be able to pay at wide variety of establishments from the balance they have in their Paytm wallet.
Interestingly, physical cards will also be issued to a select set of customers who will be able to use them at any merchant that accepts Credit, Debit or Prepaid cards.
Apart from this, as a new feature, Paytm wallet users will now also be able to add money to their mobile wallets through cash deposits at all ICICI bank branches.
This Paytm’s yet another significant step in spreading it’s wings in online and offline cashless payment space. This new facility will help users who do not have Credit/ Debit Cards or Net Banking facilities, but still wish to use the Paytm Wallet for its ease and safety
Vijay Shekhar Sharma, Founder & CEO, Paytm said, “Our partnership with ICICI Bank will go a long way towards having Paytm Wallets accepted across merchants. Through this 16-digit, Paytm-ICICI Bank co-branded virtual prepaid card, our customers can shop at any retail outlet that accepts Visa, MasterCard and Rupay. We are also considering bringing this offering to customers through Paytm’s Payment bank that starts operations next year. This move will give universal access to our consumers, who can shop at any establishment that accepts, credit, debit and prepaid cards.”
Over last few months Paytm has been growing aggressively in offline as well as online space.
Recent Major announcements by Paytm
Paytm Financial Services Entry: Customers of Manappuram Finance And Muthoot Fincorp can now repay their loans using Paytm app. After receiving RBI approval to become a payment bank, Paytm launched their financial services business.
Paytm Wallet in Education Space: Paytm has introduced cashless payments specifically for educational institutions in India. With this service, Users can pay school fees & dues, cafeteria bills as well as buy uniforms, books and merchandise through the Paytm Wallet.
Paytm Movie/Event Ticketing: Paytm has launched a entertainment ticketing marketplace on its platform. They are more of on aggregator, where anyone can come and offer their tickets online. It will operate as a marketplace where a multiplex or theatre will be the seller
Paytm Hotel Booking: Paytm recently entered hotel booking space by partnering with Goibibo, Ezeego1, Via & TSI-Yatra
Paytm Hyperlocal Business: Paytm has entered into hyperlocal space with focus on food ordering, table booking, cinema tickets, and deals in the neighborhood.
Apart from this Paytm also announced various other initiatives including QR code based Cashless offline payment facility for Shopkeepers, Kirana stores or even a cab driver.