Check out the features of newly launched Paytm Payments Bank debit card

On Thursday, mobile wallet Paytm, came out with the latest version of its iOS app, few months after it was launched on Android. It brings the BHIM UPI facility for the iPhone users. Along with this, the company also launched the Paytm Payments Bank debit card allowing the savings account holders to order a physical debit card from the Paytm app.

On Thursday, mobile wallet Paytm, came out with the latest version of its iOS app, few months after it was launched on Android. It brings the BHIM UPI facility for the iPhone users.In addition, the company launched the debit card of Paytm Payments Bank which will allow the savings account holders to order,from the Paytm app, a physical debit card. This Paytm debit card can be ordered by only those people having savings account with the Paytm Payments Bank. The facility is not for the Paytm wallet,since that is a separate service.

Earlier, when the users signed up for a Paytm Payments Bank account, they were provided with the virtual RuPay card which could be used online without any additional charge. The new physical card will also be a RuPay card and can be used at ATMs and stores.The extra fee that need to be borne by the users for this Paytm Payments Bank debit card will be the annual subscription of Rs 100, over and above the delivery charges. In case of lossof the card, Rs 100 will be charged again along with the delivery charges.

As per the Paytm Bank website, the card can be used at ATMs by the users with no additional charges up to 3 times at metro locations, or 5 times at non-metro locations. Beyond this limit, a standard transaction fee of Rs 20 will be levied.

Here are some features of the Paytm Payments Bank debit card:

1. Platinum card benefits –Platinum benefits like cash back and discounts can be availed across a large number of merchants.
2. Accepted online –In India, RuPay Debit card can be used across most of the apps and online websites.
3. Cash Withdrawal from ATM –Cash can be withdrawn across India, at more than 200,000 ATMs.
4. Free insurance –The users also get a free insurance cover of up to Rs 2 lacs in the case of permanent total disability or in the incident of death according to the terms and conditions.
5. QR code on your Debit Card –To receive money instantly, the debit card will have a QR code.
6. Shop at any store –Card can be swiped at stores across India.

If you do not have a Paytm Payments Bank account, what you need to do is click on the ‘Bank’ icon at the bottom of the screen, and then enter your Aadhaar number and other details. Then you need to set up an appointment for a representative to come in order to complete the KYC formalities.Once this is done, the bank account is ready for use.