Paytm ropes ICICI Bank to offer virtual card to its users

Mobile payment platform turned eCommerce marketplace, Paytm has recently tied up with ICICI Bank to launch a co-branded virtual prepaid card.
Paytm

Mobile payment platform turned eCommerce marketplace, Paytm has recently tied up with ICICI Bank to launch a co-branded virtual prepaid card.
This virtual prepaid card will be integrated to a user’s Paytm wallet allowing them to pay to a much larger set of merchants. Apart from the virtual card, the company has also planned to issue a physical card to select the set of customers who can use it at any merchant store who accepts credit, debit and prepaid cards payments.
In addition, Paytm enables its users to add money to their mobile wallets through cash deposits at all ICICI bank branches. This service specifically helps customers who might not own Credit/Debit cards or Net Banking facilities, but want to access the facilities offered by Paytm nonetheless. This feature is available to all Paytm users, including non-ICICI Bank customers as well.
According to Vijay Shekhar Sharma, Founder and CEO, Paytm, this partnership will give universal access to all Paytm customers allowing them to shop at any retail outlet that accepts credit, debit and prepaid cards. 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, he further added.
Rajiv Sabharwal, Executive Director at ICICI Bank said, “The additional service of loading money into Paytm wallets at over 4000 bank branches is going to be another initiative to help make the usage of electronic payments in the country more popular.”
Paytm is also working on its payment banking services which is supposed to start operations from next year. The mobile payment and ecommerce platform currently has a user base of more 100 Mn.

Publish Date
Not Sponsored
Live: People Reading Now
 
 
 
 
TRENDING ARTICLE
RECOMMENDED FOR YOU