Paytm has united with Mastercard for the issuance of virtual and physical debit cards.

Leveraging Mastercard’s mobile and artificial intelligence tools, the firm has outlined it will be able to offer the highest levels of security for digital transactions.

Porush Singh, Division President, South Asia, Mastercard said: “While digital payments are taking off in India, growing faster than many other countries around the world, 90% of all retail transactions are still in cash. Mastercard is committed to the Government of India’s vision to fuel the growth of digital payments. 

“Towards this goal, Mastercard is pleased to offer its fully-integrated global payment platform to Paytm Payments Bank to enable cardholders to have access to the safest way of making electronic payments.”

The firm has outlined it will commence issuing only virtual debit cards to its beta customers, enabling them to perform secure online transactions that make an everyday purchase faster, easier and safer. 

Satish Kumar Gupta, CEO & Managing Director, Paytm Payments Bank Ltd added: “We continue to play a leading role in spreading the digital payments network in the country. We aim to provide maximum flexibility to our customers to choose their preferred mode of digital payments, and our partnership with Mastercard is in the same direction.”

The latest addition to the suite of services means the firm offers both retail and corporate, as it continues to move towards its aim of bringing more than 500 million Indians into the mainstream economy.