New Delhi, India (Urban Transport News): Paytm Payments Bank Limited on November 29, 2021 announced the launch of Paytm Transit Card, keeping in mind the vision of one nation, one card. The 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 withdrawal of 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," said Paytm Payments Bank in a statement.
The bank has also created a digital process to apply, recharge, and track transactions of the cards on the Paytm App. The card will be delivered at the doorstep of the user or can be purchased at designated sales points. The prepaid card is directly linked to Paytm wallet.
The Paytm Transit Card rollout is being launched in collaboration with Hyderabad Metro Rail Limited. 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.
The card is already live on the Delhi Airport Express line and Ahmedabad Metro. With the Paytm Transit Card, people can use the same card in metros as well as other metro stations across the country, as per the press release.
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.
Paytm 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) programme, offering an interoperable nationwide toll payment solution.
The PayTM payment bank has enabled over 280 toll plazas across national & state highways to collect toll charges digitally.