The new product of Paytm which is the Paytm Transit Card is the payments bank’s second product in the mass transit category after the success of FASTags. Paytm Payments Bank is the first bank in the country to achieve the milestone of having issued more than 1 crore FASTags.
The Paytm Payments Bank Limited announced the launch of the Paytm Transit Card on Monday, having in mind the vision of one nation, one card. This transit card will take care of users’ everyday needs — from travel in metro, railways, state-owned bus services, toll & parking charges, to payments at offline merchant stores, online shopping, and more. The card also enables the withdrawal of money from ATMs.
Paytm Payments Bank said in a statement, “The launch of the transit card is aligned with the bank’s initiatives to bring out products that make banking and transactions seamlessly operable for all Indians”
Paytm has made the process digitally for its users to apply for the card, recharge, and track transactions of the cards on the Paytm App. The transit card will be delivered to the doorstep of the user or can be purchased at designated sales points. The prepaid card is directly linked to the Paytm wallet.
The rollout of the Paytm Payments Bank Transit card is being launched in collaboration with Hyderabad Metro Rail. The users in Hyderabad can now purchase the transit card, which can be displayed at automatic fare collection gates. This service will help over 50 lakh riders who use metro/bus/train services every day and experience seamless connectivity.
This transit card has already been live on the Delhi Airport Express line and Ahmedabad Metro. Users can use the same card in metros as well as other metro stations across the country, as per the press release.
The MD & CEO of Paytm Payments Bank, Satish Gupta, said, “The launch of the Paytm Transit Card will enable millions of Indians with the power of one single card that takes care of all transportation as well as banking needs. This will drive financial inclusion and accessibility for all. We are glad to be a part of the NCMC initiative and will continue to work towards the digitization of the transit ecosystem in the country while driving the adoption of smart mobility solutions.”
This Transit Card is the bank’s second product in the mass transit category after the success of FASTags. Paytm Payments Bank is the first bank in the country to achieve the milestone of having issued more than 1 crore FASTags. Besides this, it is also India’s largest acquirer of toll plazas for the National Electronic Toll Collection (NETC) program, offering an interoperable nationwide toll payment solution.
The bank has enabled over 280 toll plazas across national & state highways to collect toll charges digitally, as per the press release.
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