Paytm launches virtual prepaid card with ICICI Bank

Physical cards will also be issued to a select set of customers who will be able to use them at any merchant that accepts card-based payments, ndtv.com reports. Paytm wallet users can also add money to their mobile wallets by making cash deposits at any of the 4,000 ICICI Bank branches, irrespective of whether they are ICICI Bank customers or not.

Through this 16-digit, Paytm-ICICI Bank co-branded virtual prepaid card, our customers can shop at any retail outlet that accepts Visa, MasterCard and Rupay. This move will give universal access to our consumers, who can shop at any establishment that accepts, credit, debit and prepaid cards, said Vijay Shekhar Sharma, Founder and CEO, Paytm in an emailed statement.

He also added that the company was considering bringing this offering to customers through Paytms Payment bank, which starts operations next year.  Paytm was one of 11 entities to receive a Payments Bank license in August 2015. Paytm was one of four wallet players that tied up with EzeTap, a smartphone-based payments device provider in October, 2015.