PAYTM LAUNCHES TRANSIT CARD FOR METRO, BUS, RAIL PAYMENTS

Why in news?
• Digital payments major, Paytm, has launched a ‘transit card’ through its payments bank subsidiary for metro, bus, rail, and parking payments.
About the transit card for metro, bus, rail payments
Launch of the card
• The first phase of rollout is being launched in collaboration with Hyderabad Metro Rail, Ahmedabad Metro and the Delhi Airport Express Line, where users can leverage the power of seamless transactions.
• Paytm Payments Bank Limited has announced the launch of Paytm Transit Card, keeping in mind the vision of one nation, one card.
Key features
• 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.
• It 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.