New Delhi: Paytm Payments Bank Limited announced the launch of the Paytm Transit Card, with the goal of creating a "one nation, one card" vision. The card will cover all of the user's daily necessities, including metro, train, and state-owned bus transit, as well as toll and parking fees, as well as payments at offline merchant stores, internet purchasing, and more. The card can also be used to withdraw money from ATMs.
“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 Payments Bank said in a statement.
On the Paytm App, it has also built a digital mechanism for applying for the cards, recharging them, and tracking their transactions. The card will be sent to the user's door or purchased at approved sales locations. The Paytm wallet is directly linked to the prepaid card.
The Paytm Transit Card is being rolled out in partnership with the Hyderabad Metro Rail. The transit card, which can be displayed at automatic fare collection gates, is now available for purchase in Hyderabad. Over 50 lakh riders who use metro, bus, and rail services on a daily basis will benefit from this service, which will provide them with seamless connection.
The card is currently operational on the Delhi Airport Express and Ahmedabad Metro lines. According to the company’s statement, the Paytm Transit Card can be used in metros as well as other metro stations across the country.
Satish Gupta, MD & CEO of Paytm Payments Bank, 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."
After the success of FASTags, Paytm Transport Card is the bank's second mass transit offering. Paytm Payments Bank claims to be the first bank in the country to issue over one crore FASTags. It is also India's largest buyer of toll plazas for the National Electronic Toll Collection (NETC) programme, which provides an interoperable toll payment solution across the country.
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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