Paytm, the payments bank's payments bank, has launched a transit card for metro, bus, rail, and parking payments. The first phase of the roll out 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. The company said it offers the National Common Mobility Card NCMC, which is an interoperable physical mobility card that is used in the government's One Nation, One Card initiative.
The company said that the card linked to the Paytm Wallet can be used for any transactions from metros, buses and trains, toll and parking charges, to online and online purchases, and even withdrawal of cash from ATMs.
It has created a completely digital process to apply, recharge, and track all transactions of the cards on the Paytm app itself. The physical card can be purchased at designated sales points or at the doorstep of the user. The prepaid card is linked directly to the Paytm Wallet, where users can just top up the wallet to use the transit card and don't need to create a separate account, according to an official statement.
The launch of the Paytm Transit Card will allow millions of Indians to have the power of a single card that takes care of all transportation and banking needs. Financial inclusion and accessibility will be a priority for all. Satish Gupta, MD, CEO of Paytm Payments Bank Ltd, said that we are glad to be part of the NCMC initiative and will continue to work towards the digitisation of the transit ecosystem in the country while driving the adoption of smart mobility solutions.
The Paytm Transit Card roll out is being launched in collaboration with Hyderabad Metro Rail, according to the fintech firm. Users in Hyderabad can now purchase the transit card, which can be purchased at the Automatic Fare Collection AFC gates to proceed for the journey. Over 50 lakh riders who use metro bus services will get seamless connectivity, as a result of this service. The card is already on the Delhi Airport Express line and Ahmedabad Metro. With the Paytm Transit Card, people can use the same card in metros as well as other metro stations across the country.
30 crores are made up of it.