Construction Industry News
Paytm Payments Bank Limited (PPBL) on Tuesday launched a physical prepaid card linked directly to a user's Paytm wallet. Users can simply top up the wallet to use the card and do not need to create a separate account. The card also makes it possible to withdraw money from ATMs.
Satish Gupta, managing director and CEO of Paytm Payments Bank, said: The launch of the Paytm Transit card will empower millions of Indians with the power of a single card that takes care of all transportation and banking needs.
It has also created a fully digital process to apply, load and track all transactions from the cards on the Paytm app itself. The physical card is delivered to the user's doorstep or can be purchased at designated retail outlets.
Paytm is partnering with Hyderabad Metro Rail for the map rollout. Users in Hyderabad can purchase the transit card, which will be displayed at the Automatic Fare Collection (AFC) gates and proceed with the journey.
This service will help more than 50 lakh drivers who use metro/bus/train services every day and experience seamless connectivity. The card is already live on Delhi Airport Express line and Ahmedabad Metro. Paytm Transit Card allows people to share the same card use in subways and other metro stations across the country, the company said.
One97 Communications, Paytm's parent company, owns a 49 percent stake in the payment bank, which reported revenue of Rs 130 crore in the quarter ended June. As of June 30, Paytm Payments Banks had 65.4 million savings accounts. For the quarter ended March 31, Paytm Payments Bank was the largest UPI beneficiary bank with 17.1% market share in transaction volume, according to RedSeer.
In April, Paytm said that PPBL created an average of 1 million new savings and checking accounts per month. With over 64 million accounts, the bank's total deposits have surpassed Rs 3,200 crore.
