Paytm ICICI Bank link up
Paytm was a mobile and DTH recharge website found in 2010 with its head office in Noida, India. It then expanded its network to bill payment sector by providing services of paying electricity, telephone and gas bills. It brought the concept of e-wallet to the common man of India. E-wallets are nothing but virtual money accounts. These user friendly e-wallets are commonly known as Paytm wallet. In wallets, you can put money from your bank accounts or debit/ credit cards.
This money in form of wallet can be used to make a recharge or pay bills. Paytm wallets became so successful that many companies like Uber- an app based taxi company, MakeMyTrip- a travel and tourism company, BookMyShow- a online movie and event ticket booking company, etc started accepting the paytm wallet also. The Paytm wallet is used by more than 25 million people. The Paytm android app has got 10million downloads. Paytm also started giving e-commerce services like online shopping.
In Dec 2015, Paytm teamed up with ICICI banks in a joint venture to revolutionize the online payment system. ICICI Bank is one of the largest of all private banks in India. It has a wide network base of over 4000 branches all over India with more than 13,000 ATMs. It provides a wide range of services from savings accounts, deposit accounts, different types of loans like personal loan, home loan, car loan, educational loan, loan against property, etc. It has a strong mobile banking and internet banking service.
Paytm paired up with the ICICI banks to launch virtual prepaid cards which is branded together. With this card the customers can make payments in place of credit/ debit card. These virtual cards will be linked with the paytm wallet. People who want to put money in their paytm wallets can do so by depositing cash through ICICI branches and ATMs. They do not necessarily have to be ICICI customers.
But ICICI bank has promised some extra facilities for the ICICI customers who want to use the paytm wallet facility. The virtual prepaid card will contain a 16 digit number just like any debit/ credit number which can be used in online transactions as well as in retail merchants.
Physical real cards are also being planned to issue to the customers of ICICI banks. They can carry them to any retail outlet and pay where Visa, Master card, Rupay, Maestro, etc mode of payments are accepted.