New Delhi: India’s home-grown payments bank Paytm Payments Bank on Monday launched Paytm Transit Card, keeping in mind the vision of one nation, one card.
The company in a statement said that they aims to equip millions of Indians, with one physical card for all their everyday needs — from travel in metro, railways, government bus services, toll and parking charges to payments at offline merchant stores, online shopping, and more.
The card also enables the withdrawal of money from ATMs. With this launch, users won’t have to worry about carrying multiple cards for different purposes and use the Paytm transit card to make their payments.
Satish Gupta, managing director and chief executive officer, Paytm Payments Bank, said, “The launch of the Paytm Transit Card will enable millions of Indians with the power of one single card that takes care of all transportation as well as banking needs. This will drive financial inclusion and accessibility for all. We are glad to be a part of the NCMC initiative and will continue to work towards the digitisation of the transit ecosystem in the country, while driving the adoption of smart mobility solutions.”
Paytm Transit Card is the bank’s second product in the mass transit category after the success of PPBL FASTags. Paytm Payments Bank is the first bank in the country to achieve the milestone of issuing more than 1 crore FASTags. Besides this, it is also the country’s largest acquirer of toll plazas for the National Electronic Toll Collection programme offering an interoperable nationwide toll payment solution. The firm has enabled over 280 toll plazas across the national and state highways to collect tolls digitally.
It has also created a completely digital process to apply, recharge, and track all transactions of the cards on the Paytm App itself. The physical card will be delivered at the doorstep of the user or can be purchased at designated sales points. The prepaid card is directly linked to the Paytm Wallet, where users can just top-up the wallet to use the transit card and do not need to create any separate account.
The transit card is being launched in collaboration with Hyderabad Metro Rail. Users in Hyderabad can purchase the transit card, which can be displayed at the Automatic Fare Collection gates to proceed for the journey. This service will help over 50 lakh riders who use metro/bus/train services every day and experience seamless connectivity. The card is already live in the Delhi Airport Express line and Ahmedabad Metro.
The launch of the transit card is aligned with the Paytm Payments Bank’s initiatives to bring out products that make banking and transactions seamlessly operable for all Indians. The bank will enable large-scale adoption of the transit card that would help promote NCMC and the Digital India initiative further.