Paytm Payments Bank issues 7 million Visa cards in FY21
Paytm Payments Bank has announced that it issued 7 million Visa debit cards through its platform in fiscal year 21. The bank claims that it will meet its target of issuing 1 million Visa cards in FY21, thanks to the bank’s innovative products and the acceptance of digital payments in India.
The bank previously stated that its customers could make international transactions using their Visa debit cards. The bank also provides a completely digital process for applying for and tracking card updates.
“We are driving financial inclusion and providing Indians with access to the best digital banking products.” “The increased demand for Paytm Payments Bank’s Visa card is yet another example of the Bank’s strong reach and adoption of its products and services,” said Satish Gupta, MD and CEO of Paytm Payments Bank Ltd.
Paytm’s payments bank has been profitable for three years in a row, with PAT (profit after taxes) increasing by 25.8 percent to Rs 37.5 crore in FY21, up from Rs 29.8 crore in FY20. For fiscal year 21 (FY21), the bank’s annual revenue was Rs 2,200 crore. In January 2022, Paytm Payments Bank, the largest UPI beneficiary bank, recorded over 957 million UPI transactions. It also maintains its lead in FASTag issuances, with over 1.29 crore issued across the country.
“At Visa, we are pleased to be playing an important role in India’s rapid adoption of digital payments.” Our collaboration with Paytm Payments Bank is an example of this, and it has grown from strength to strength, providing millions of customers with the ubiquitous Visa debit card in both physical and virtual forms. With the Bank’s reach and product offering, as well as the widespread acceptance of Visa credentials, we anticipate that this partnership will continue to drive the inclusion of new customers and the salience of digital payments.” According to Sujai Raina, Head of Business Development at Visa India.