Paytm Payments Bank of India announced that it issued 7 million Visa debit cards through the platform in FY'21. With the strong adoption of innovative products developed by banks and the acceptance of digital payments in India, banks have exceeded their goal of issuing 1 million Visa cards during the current financial year.
As a result, it is further promoting financial inclusion in India by giving users digital payments and access to financial services. To enhance the convenience of cardholders, banks have previously allowed customers to make international transactions using Visa debit cards. Banks also offer a completely digital process for requesting and tracking card renewals.
Satish Gupta, MD and CEO, Paytm Payments Bank Ltd has said that the company is driving financial inclusion and ensuring access to the best of digital banking products to its customers in India. He also said that the increasing demand for Visa cards is another example of the strong reach and adoption of the products and services of Paytm Payment Bank.
Paytm Payments Bank has made some advances in the digital banking industry. Earlier it enabled the Paytm Transit Card, a physical card for everyday needs. It acted as a physical mobility card interoperable with the NCMC, driving the government's One Nation, One Card initiative and bringing convenience to millions of Indians.
Paytm Payments Bank has grown rapidly due to the widespread adoption of its innovative banking products nationwide. The World Bank's annual income in FY21 was Rs 2,200 crore. Paytm Payments Bank, the largest UPI beneficiary bank, recorded over 957 million UPI transactions as of January 2022. In addition, it continues to lead FASTag with more than 1.29 crore issuances nationwide.