Payments giant Visa has joined hands with digital payments leader Paytm to jointly launch Visa debit cards.
“We are working with Paytm Payments Bank to offer our debit credential solutions to enhance their offerings to their rapidly expanding customer base,” said Alfred F. Kelly, CEO, Visa.
As per Visa, the company’s total acceptance points in India have inflated to more than 4.5 million including over 1 million QR points as on February 2019.
“Paytm Payments Bank has launched contactless point-of-sale terminals for merchants who are new to card acceptance. Paytm plans to significantly grow India’s PoS acceptance infrastructure in the next few years, which will certainly help power Visa’s growth in the market,” he added.
In February this year, Visa unveiled contactless cards. Contactless card enables users to make a payment of upto Rs 2,000 by simply tapping their card on a POS terminal without entering the PIN or signature for these payments.
Earlier, Paytm also launched similar contactless payments solution — Paytm Tap Card. This solution helped the users in carrying out offline transactions at Paytm-issued contactless PoS terminals for merchants.
Paytm Payments Bank began its operations in India in May 2017 and it is a mobile-first bank that offers zero charges on all online transactions (such as IMPS, NEFT, RTGS) with no minimum balance requirement.