Mobile payments and commerce marketplace Paytm has signed partnership pact with ICICI Bank, to offer virtual prepaid cards to its wallet users that can be used to pay for purchases both online and offline. This will also allow Paytm’s customers to top up their digital wallets at any ICICI Bank’s branch, using cash or cheques.
The partnership is one of the first signs of cooperation, at such scale, between India's consumer internet companies and the country's banking system, which has so far been wary of doing business with internet payment ventures.
