Paytm Payments Bank Offering RuPay Digital Debit Card – Some Comparisons
The digital debit card will be usable across all major platforms
The newly launched Paytm Payments Bank (PPB) has recently partnered with National Payments Corporation of India (NPCI) to launch their very own RuPay powered Paytm Digital Debit Card. Now, with the Paytm Payments Bank (PPB) Digital Debit Card, users will be able to make transactions at all merchants and PoS (Point of Sale) wherever cards are accepted.
The digital debit card will be powered by RuPay. Paytm Payments Bank (PPB) will issue their digital debit card to all PPB customers. To get a PPB digital debit card, one needs to open a bank account with Paytm Payments Bank (PPB).
How To Get ‘Paytm Digital Debit Card’?
All the existing Paytm Wallet users need to complete their KYC process to get their respective bank accounts with Paytm Payments Bank. Once an user becomes an account holder, they will get a free digital RuPay powered Paytm Digital Debit card. This Paytm debit card will come with a free insurance cover of up to Rs. 2 lakh (in case of death or permanent total disability).
Transactions Across All Online Platforms
All Paytm Payments Bank customers will be able to make payments across all platforms. The RuPay powered Paytm digital debit card can be used at across all online platforms as well as at merchants and PoS (Point of Sale) wherever cards are accepted. Users can experience the same convenience, which they had with Paytm Wallet and ecosystem.
Can Make Payment At Flipkart, Amazon and OLA
OLA, Flipkart and Amazon currently do not accept payment from Paytm directly. But with the PPB debit card, users can make payments on some of the major online platforms like Flipkart, Amazon and OLA. The digital debit card is accepted across all platforms.
Additional Financial Services
Paytm Payments Bank (PPB) is also looking forward to partner with some of the full service banks to start their additional services for PPB customers. They will soon roll out a full bouquet of other financial services which include term deposits, retailing and SME loans. At the Paytm Payments Bank, one can can only make a deposit of up to Rs. 1 lakh and cannot undertake any lending activity.
Which Is The Best Payments Bank In India Now?
With Paytm Payments Bank (PPB) being the latest entrant in the sector, it competes directly against Digibank, a digital banking service with more services and benefits, Airtel Payments Bank and India Post Payments Bank.
|Paytm Payments Bank||Digibank||Airtel Payments Bank||India Post Payments Bank|
|Maximum Deposit||Rs. 1 Lakh||Rs. 1 Crore||Rs. 1 Lakh||Rs. 1 Lakh|
|Physical Debit Card||No||Yes||No||Yes|
|Digital Debit Card||Yes||No||Yes||No|
|Rate of Interest||4%||7%||7.25%||4.5% on deposits up to Rs. 25,000/-
5% on deposits from Rs. 25,000/- to Rs. 50,000/-
5.5% on deposits from Rs. 50,000/- to Rs. 1,00,000/-
|Transaction Charges||Zero||Zero||0.5% of the transferred amount. Capped at Rs. 50/-||Rs. 2.5/- per transaction up to Rs. 10,000/-
Rs. 5/- per transaction from Rs. 10,001/- up to Rs. 1,00,000/-
|ATM Withdrawal Charges||Rs. 20/- per withdrawal and Rs. 5/- for each mini statement will be charged after free limit ends||Unlimited Free Withdrawals||0.65% on Cash Withdrawals||Rs. 20/- per transaction after free limit ends|
It remains to be seen how many people take advantage of this RuPay powered digital debit card.