ICICI Bank is tying up with mobile payments firm Paytm to offer virtual prepaid cards to Paytm wallet users that can be used to pay for purchases both online and offline. The tie-up will allow Paytm’s customers to top up their digital wallets at any ICICI Bank branch, using cash or cheques. Paytm founder and chief executive Vijay Sharma said it will be a 16-digit, Paytm-ICICI Bank co-branded, virtual prepaid card that can be used at any retail organization that accepts Visa, MasterCard and Rupay. It will go a long way towards having Paytm wallet accepted across merchants, he added. With the virtual card, Paytm consumers can now also shop on rival ecommerce sites, such as Amazon, and use their digital wallets to pay for transactions. Paytm will also offer a physical card to customers, for an additional fee, for payments made in brick-and mortar retail.
