New Delhi, India (Urban Transport News): Paytm Payments Bank Ltd. on November 29, 2021 announced the launch of Paytm Transit Card in keeping with the vision of One Nation, One Card. The card will take care of the everyday needs of the users – from metro, railways, state-owned bus services, toll and parking charges to payments at offline merchant stores, online shopping and much more. The card also enables withdrawal of money from ATMs.
“The launch of the transit card is in line with the bank’s initiative to bring in products that enable seamless banking and transactions for all Indians,” Paytm Payments Bank said in a statement.
The bank has also created a digital process to apply, recharge and track card transactions on the Paytm app. The card will be delivered at the user’s doorstep or can be purchased at designated point of sale. The prepaid card is directly linked to the Paytm Wallet.
The Paytm Transit Card rollout is being launched in association with Hyderabad Metro Rail Limited. Users in Hyderabad can now buy transit cards, which can be displayed at the automated fare collection gate. The service will help over 50 lakh commuters who use metro/bus/train services everyday and experience seamless connectivity.
The card is already live on Delhi Airport Express Line and Ahmedabad Metro. According to the press release, with the Paytm Transit Card, people can use the same card in metros as well as other metro stations across the country.
Satish Gupta, MD & CEO, Paytm Payments Bank said:
The launch of Paytm Transit Card will enable millions of Indians with the power of a single card that takes care of all transportation as well as banking needs. It will promote financial inclusion and access for all. We are happy to be a part of the NCMC initiative and will continue to work towards digitization of the transit ecosystem in the country by adopting smart mobility solutions.
Paytm Transit Card is the bank’s second product in the mass transit category after the success of FASTag. Paytm Payments Bank is the first bank in the country to achieve the milestone of issuing more than 1 crore FASTag. In addition, it is also India’s largest acquirer of toll plazas for the National Electronic Toll Collection (NETC) programme, which offers a nationwide toll payment solution.
PayTM Payments Bank has enabled over 280 toll plazas on national and state highways to collect toll charges digitally.