The way India transacts and pays money has changed drastically over the last few years. QR codes of various payment apps are available at each and every seller’s desk (At least in urban India). And now the hoe grown brand of digital payments Paytm has identified a unique opportunity has presented another way of making payments. The new Transit Card launched by the company can be used seamlessly at various places.
Paytm Launches ‘Paytm Transit Card’
Recently, Paytm Payments Bank has launched the ‘Paytm Transit Card’. This card can be used to pay at all metro, bus, rail travel, parking, and other payments at online and offline stores. It also enables a withdrawal of money from ATMs. According to Paytm users will no longer need to carry multiple cards for different purposes, instead, they can just use this single card for all payments.
With this card Paytm is aiming to empower the ‘One Nation, One Card’ motto that aims to equip millions of Indians with one physical card for all their everyday needs. This move also aligns with Paytm Payment Bank’s initiative to bring out products that will make banking and transactions seamless for all Indians.
This card will be linked with your Paytm wallet
The application process for this card is completely digital. The physical card will be delivered to the doorstep of the user or can be purchased at designed sales points. The prepaid card is directly linked to the Paytm Wallet and users can top-up the wallet to use the transit card. Users can recharge and track all transactions of the card on the Paytm app itself.
The Paytm Transit Card rollout is being facilitated in partnership with Hyderabad Metro Rail.
Paytm is claiming that the service will help over 50 lakh riders who use metro/bus/train services every day with seamless connectivity. At present, the card is live in the Delhi Airport Express line and Ahmedabad Metro.
It should be noted that this card is the second consumer product in the mass transit category from Paytm Payments Bank after the PPBL FasTags. Paytm is also India’s largest acquirer of Toll Plazas for the National Electronic Toll Collection (NETC) program, thereby offering an interoperable nationwide toll payment solution. The company claims to have enabled 280 toll plazas across the National & State highways to collect toll charges digitally.
Can this be a new wave revolution in digital payments? Only time will tell.