Paytm wallet users will soon have virtual prepaid cards with which they can make online as well as offline purchases.
Paytm has partnered with ICICI Bank to provide this service. Paytm wallet users can now top up their digital wallet through cash deposits at all ICICI Bank branches. This service brings convenience for those customers who may not have Credit/ Debit Cards or Net Banking facilities. This facility is available to all Paytm Wallet users, irrespective of whether they are ICICI Bank customers or not.
Vijay Shekhar Sharma, Founder & CEO, Paytm said, “Through this 16-digit, 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 e-commerce sites and with an additional fee, the consumers will be given a physical card which can be used in retail payments.
Earlier, ICICI Bank also partnered with Mobiwik which allowed users to recharge their wallets at any ICICI bank. Also, Paytm had partnered with Bank of Maharashtra which allowed the bank customers to recharge their Paytm wallets via ATMs.