We are glad to announce that we have partnered with Mastercard for the issuance of virtual and physical debit cards. Leveraging Mastercard’s best-in-class mobile and artificial intelligence tools, we will be able to offer you the highest levels of security for digital transactions.
To start with we have started issuing only virtual debit cards to our beta customers, enabling them to perform secure online transactions that make everyday purchase faster, easier and safer. Soon this will be available for all our bank customers.
Not just that within a few days you will also have an option to request a physical card, which will enable you to do contactless in-store transactions supported by Mastercard’s chip-based technology. Additionally, you will be able to withdraw cash at more than 1 million ATM terminals across most of the world.
Satish Kumar Gupta, CEO & Managing Director, Paytm Payments Bank Ltd said, “We continue to play a leading role in spreading the digital payments network in the country. We aim to provide maximum flexibility to our customers to choose their preferred mode of digital payments, and our partnership with Mastercard is in the same direction.”
Porush Singh, Division President, South Asia, Mastercard said, “While digital payments are taking off in India, growing faster than many other countries around the world, 90% of all retail transactions are still in cash. Mastercard is committed to the Government of India’s vision to fuel the growth of digital payments. Towards this goal, Mastercard is pleased to offer its fully-integrated global payment platform to Paytm Payments Bank to enable cardholders to have access to the safest way of making electronic payments.”
With this latest addition to the suite of services we offer you (both retail and corporate), we continue to move towards our aim of bringing more than 500 million Indians into the mainstream economy. Backed by our strong distribution network, we already have the fastest-growing bank account base in the country and we aim to issue over 10 million digital debit cards in FY 2020-21.
About Mastercard (NYSE: MA), www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.