Paytm today launched the Paytm Payments Bank. This is the first mobile-first bank with zero charges on all online transactions and no minimum balance requirement.
Paytm Payments Bank accounts will initially be available on an invite-only basis. In the first phase, the company will roll out its beta banking app for its employees and associates. Paytm customers can request an invite by going to www.PaytmPaymentsBank.com or the Paytm iOS / android app.
The company is setting up KYC centers across India to complete KYC for customers and make them eligible for a Payments Bank account. The account will have zero balance requirement and every online transaction (such as IMPS, NEFT, RTGS) will be free of charge. The company will also offer current accounts to its millions of merchants.
Speaking at the launch, Vijay Shekhar Sharma, Chairman – Paytm Payments Bank said, “RBI has given us an opportunity to create a new kind of banking model in the world. We are proud that our customer deposits will be safely invested in government bonds, and be used for nation building. None of our deposits will be converted into risky assets”.
Renu Satti, CEO – Paytm Payments Bank added, “We are very excited to launch Paytm Payments Bank and bring financial services to unbanked segment of Indians. Our ambition is to become India’s most trusted and consumer-friendly bank. Leveraging the power of technology, we aim to become the preferred bank for 500 million Indians by 2020”.
Paytm was among the companies, to bet big on digital payments systems in India. The company is aiming to replicate this success in the banking sector and further drive cashless transactions with the Paytm Payments Bank. The current Paytm Wallet will move to the Paytm Payments Bank in the same capacity, i.e. KYC Wallet as KYC Wallet and minimum detail KYC Wallet as minimum detail KYC Wallet. Users will continue to be able to use their Paytm Wallet in the same manner as before.