Paytm on Friday announced the launch of physical debit cards for its Payments Bank account holders.
This service is currently available only for Paytm users on iOS devices. Paytm says that it will be launched for Android users soon.
If you wish to request for a physical debit card, you will first need to create a Paytm Payments Bank account. You can create one with your Paytm login ID and password. On opening a Paytm Payments Bank account, a nominal fee will be charged.
To avail standard banking services on Paytm Payments Bank, you will need to verify your eKYC details. There is no minimum balance limit on this account. However, there is a maximum balance limit of 1 lakh. After opening your Paytm bank account, you will be provided a digital RuPay debit card for online transactions.
How to request for a physical Paytm debit card
To request for a physical debit card, tap on the Bank icon. Scroll down below and select ‘Debit & ATM services’, and select ‘Request Card’, and hit ‘Proceed’.
A small fee of Rs 120 needs to be paid to complete the process. After this your existing digital card will be delivered to you in physical format. Paytm’s debit card can be used for transactions at stores, and also for withdrawing cash from ATMs.
This new feature was launched on the sidelines of BHIM UPI rollout for iOS devices. BHIM UPI integration is already available for Android.
To use BHIM UPI, you will need to create a Virtual Payment Address (VPA) first, and then link it to any eligible bank. After this, you can transfer money to other bank using BHIM UPI on Paytm. This feature doesn’t require having a Payments Bank account.
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