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Wednesday, 13 September 2017

Paytm Partners with NPCI


Paytm Payments Bank (PPB) has partnered with the National Payments Corporation of India (NPCI) to launch a RuPay-powered digital debit card. With the PPB Digital debit card, customers will now be able to transact at all merchants who accept credit and debit cards.

Existing Paytm users need to complete a KYC process to become an account holder with PPB. Following this, they will be issued a free digital RuPay card.

Important Takeaways from Above News-
  • As a payments bank, PPB can take a demand deposit of up to Rs 1 lakh per customer, but it cannot undertake lending activities.
  • PPB launched its services in May 2017.
  • Paytm founder Vijay Shekhar Sharma owns 51 per cent stake in PPB while One97 Communications which runs Paytm owns the remaining 49 per cent.
Source- The Economic Times


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