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Paytm ropes in ICICI Bank, launches virtual prepaid cards

knowstartup.com_paytmPaytm has launched virtual prepaid cards through which the users can make online as well as offline purchases. To provide the services, Paytm has partnered with ICICI Bank.

Paytm wallet users can now top up their digital wallet through cash deposits at all ICICI Bank branches. The service brings convenience for those customers who might not have facilites like credit/debit cards or net banking. The facility is available to all Paytm Wallet users, no matter whether they are ICICI Bank customers or not.

Founder and CEO of Paytm Vijay Shekhar Sharma said, “Through this 16-digit number, 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.”

With the virtual card, Paytm users will be able to shop from other eCommerce sites. Also, by paying an additional fee, they can get a physical card that can be used in retail payments.

Prior to it, ICICI Bank also partnered with Mobiwick which allowed users to recharge their wallets at any ICICI Bank. It had also associated with the Bank of Maharashtra that allowed the bank customers to recharge their Paytm wallets via ATMs.

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