Besides this, it is additionally India’s biggest acquirer of toll plazas for the National Electronic Toll Collection (NETC) program, supplying an interoperable nationwide toll fee solution. The financial institution has enabled over 280 toll plazas throughout country-wide & nation highways to gather toll expenses digitally, as per the press release.
The card additionally permits the withdrawal of cash from ATMs. With this launch, customers won’t have to fear carrying more than one playing card for exceptional functions and simply use the Paytm Transit Card for all their payments.
The launch of the transit card is aligned with the bank’s initiatives to deliver out merchandise that make banking and transactions seamlessly operable for all Indians. Paytm Transit Card is the repayments bank’s 2nd product in the mass transit class after the success of FASTags. Paytm Payments Bank is the first financial institution in the US to obtain the milestone of having issued extra than 1 crore FASTags.
Satish Gupta, MD & CEO of Paytm Payments Bank, said, “The launch of the Paytm Transit Card will allow hundreds of thousands of Indians with the energy of one single card that takes care of all transportation as properly as banking needs.
With the Bank’s strong science and extensive personal base, PPBL will allow large-scale adoption of the ‘Paytm Transit Card’ that would assist promote NCMC and the Digital India initiative further. It has additionally created a totally digital manner to apply, recharge & song all transactions of the playing cards on the Paytm App itself. The bodily card will be delivered to the doorstep of the person or can be bought at distinctive income points.