Paytm launches Paytm Payments Bank

The digital payment brand has launched India’s first mobile- based bank which has a Digital Debit Card in an attempt to develop financial inclusion.

Paytm Payments Bank was launched by Paytm to increase its online payment capabilities - Paytm Payments Bank- Facebook

Some of the online bank’s features include a zero minimum balance requirement and zero charges for online transactions. This will open up the possibility of online payments to a large group of consumers who make up the lower income bracket. It is anticipated that another half a billion Indians will be brought into the online market through Paytm’s Payments Bank and so this launch could transform the landscape of e-commerce in India.

Renu Satti, Paytm Payments Bank’s CEO and Managing Director, said about the new bank: “Our customers will now be able to pay across all major online portals with our virtual debit card and experience the same convenience that have been accustomed to across the Paytm ecosystem.” In this way, although Paytm’s mobile app is useable for many of the main e-commerce stores such as Myntra and Snapdeal, it is not available on all sites and both Amazon and Flipkart are not directly linked with Paytm Wallet. Therefore the idea is that Paytm Payments Bank will not only include a wider customer base but will also be useable on even more e-commerce sites.

The bank’s consumer beta yielded positive feedback and a partnership with Universal Banks is now on the cards. If this collaboration comes through then loans may also be offered through the bank. Moreover, Satti stated that further expansion is planned for the near future. Indian retail is progressively including more remote areas and buyers from lower income households as their demand to be part of online shopping is heard. 

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