PAYTM LAUNCHES ITS 1ST PAYMENT BANK

Paytm a fintech E-commerce in India, Owned by One 97 Communication Limited , has its headquarter located at Noida. Paytm was launched in 2010 as a prepaid mobile recharge website by Mr. Vijay Shekhar Sharma the CEO and Founder. Paytm has become one of the big market in itself providing A-Z services to customers all over the world suitable for all mobile users (i.e android, windows and Ios). It now covers all most all the spectrum of E-commerce Industry with its wide range of service base such as mobile recharge , online payment of bills , shopping online with products similar to other wellknown E-commerce giants like Amazon, Flipkart etc. , Moive tickets booking online , Booking travel tickets online , Mobile marketing , Downloading music and videos online , Etc.

In 2015 Paytm Acquired Payment banking License from RBI. The Bank intends to use Paytm’s existing user base for offering new services, including debit cards, savings accounts, Online banking and transfer to enable a cashless economy.

Paytm plans to enter AUM (Asset Management) Market. It this enable the user to not only use the saving account facility but earn more interest by diversifying their money over wide range of financial products such as Mutual Funds which are super liquid. Customers Deposit will be invested in government bonds and not into any risky investments.

Highlights of Paytm Payment Bank:

1. Paytm launches its first payment bank by 23rd May, 2017 at Noida. It plans to expand to open 31 branches and 3000 customer base in a year’s time. It plans to open around 500 million accounts by 2020.
2. Payment Bank will get initially for two years Rs. 400 Crores of investment.
3. One 97 Communication (i.e Paytm) will Transfer its wallet business to payment bank from 23rd May, 2017 . Once the wallet business becomes the part of payment bank the money in the wallet will be transferred to customer’s payment bank account. Customer need to send request for payment bank on the www.paytmpaymentsbank.com or Paytm iOs application.
4. Paytm Payment Bank offer 4% annual interest along with cash back on deposit. Thus customers will get a cash back of Rs. 250 on depositing Rs. 20000- 25000 in the payment bank.
5. Paytm Payment Bank will be a zero balance account with no minimum requirement and will offer all kind of online transaction facilities.
6. Payment bank can accept Rs. 1 lac per account.
7. RuPay debit cards will be provided to the customers which can be used for 5 free ATM cash withdrawal in non – metro cities per month and later on the charges shall be Rs. 20 per withdrawal.
8. Payment Bank will follow all the guidelines of RBI in undertaking day to day operations.
9. Paytm will initially launch its Banking App for employees.

Read for more details:

Paytm’s Launches Payment Bank  
Paytm to transfer wallet to payment bank on May 23 
Paytm Payment Bank offers 4%interest

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