The mobile commerce marketplace Paytm has partnered with ICICI Bank to allow its wallet users shop and pay online as well as offline using the a 16 digit virtual card.
This first-of-its-kind partnership between an online retailer and India’s largest private banks, will also allow Paytm’s customers to top up their digital wallets at any of the 4,000 ICICI Bank branch, using cash or cheques, irrespective of whether they are ICICI Bank customers or not.
Vijay Shekhar Sharma, Founder & CEO, Paytm said, “Our partnership with ICICI Bank will go a long way towards having Paytm Wallets accepted across merchants. 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. We are also considering bringing this offering to customers through Paytm’s Payment bank that starts operations next year. This move will give universal access to our consumers, who can shop at any establishment that accepts, credit, debit and prepaid cards.”
Paytm, which currently records about 2 million transactions each day, has 1,00,000 merchants on board and aims to reach 120 million users by the end of the current calendar year.
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