Paytm Payments Bank issues 7 million Visa cards in FY21

Paytm Payments Bank has said that it has issued 7 million Visa debit cards through its platform in FY21. The bank claims to meet its target of issuing 1 million Visa cards in FY21, driven by the strong adoption of innovative products developed by the bank and the acceptance of digital payments in India.

The bank said that it had earlier enabled its customers to make international transactions using their Visa debit cards. The bank also offers a completely digital process to apply and track updates for the card.

“We are driving financial inclusion and ensuring access to the best of digital banking products to Indians. The increased demand for Paytm Payments Bank’s Visa card is just another example of the strong reach and adoption of the Bank’s products and services,” Satish Gupta, MD and CEO, Paytm Payments Bank Ltd said.

Paytm said that its payments bank is profitable for three years in a row and recorded a 25.8 per cent increase in PAT (profit after taxes) to Rs 37.5 crore in FY21, up from Rs 29.8 crore in FY20. The bank’s annual revenue for FY21 stood at Rs 2,200 crore. Paytm Payments Bank, the largest UPI beneficiary bank, recorded over 957 million UPI transactions in January, 2022. It also  continues to lead in FASTag, with over 1.29 crore issuances across the country.

“At Visa, we are happy to be playing an integral part in the swift adoption of digital payments in India. Our partnership with Paytm Payments Bank is an example of this and has only grown from strength to strength, empowering millions of customers with the ubiquitous Visa debit card, in physical and virtual forms. With the Bank’s reach and product proposition, coupled with the widespread acceptance of Visa credentials, we expect this partnership to continue driving the inclusion of new customers and salience of digital payments,” Sujai Raina, Head – Business Development, Visa India said.