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Paytm unveils 'Paytm Ka ATM' partner outlet for banking operations

ANI  |  New Delhi [India] 

India's largest Paytm Payments is the only providing zero balance accounts and zero charges on transactions.

The has unveiled 'Paytm Ka ATM' outlets that allows customers to open Saving Accounts and deposit/withdraw money from their accounts. These specially branded outlets will play a key role in bringing access to smaller cities and towns by ensuring customers find it easy to locate an access point near them.

The company has also introduced a dedicated 'Bank' section on Paytm app where the entire range of services including payments, debit card, passbook, help and support among others. The has been designed to help achieve financial inclusion in the country and is in line with Paytm's mission of bringing half a billion Indians on to the mainstream economy.

In the first phase, Paytm has started with 3,000 'Paytm Ka ATM' points in select cities including NCR, Lucknow, Kanpur, Allahabad, Varanasi and Aligarh.

These outlets feature local correspondents who help customers in depositing and withdrawing money from their Paytm Payments account, making simpler and more accessible for one and all.

For example: an auto/taxi driver can now visit 'Paytm Ka ATM' outlet to deposit his money into a Paytm Payments Savings Account to earn interest; and withdraw whenever required.

The company is set to add over 100,000 Paytm Ka ATM outlets across to expand the reach of its services to the entire country, including the south and east. It has committed Rs. 3000 crore over the next three years to expand offline distribution network by allowing trusted local partners to act as potential cash-in and cash-out points.

"This will enable our customers to visit their trusted neighborhood outlet to open their account, deposit and withdraw cash, in addition to getting their Aadhaar linked. We believe this hyper-local model of will play a crucial role in enabling hundreds of millions of under-served and un-served customers to gain access to quality services," said MD and CEO - Paytm Payments Bank, Renu Satti.

Union Finance Minister Arun Jaitley formally inaugurated Paytm Payments on Nov 28, marking a major milestone in the history of India's financial services sector.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 05 2017. 16:05 IST