ALSO READPaytm launches Payments Bank, facilitates cashback on deposits Paytm Payments Bank partners with NPCI for RuPay digital card Digital transactions volume "leapfrogged" by 3 yrs post-Nov 16 PayU partners with IRCTC, lends online payment services to users Patym Payments Bank users now entitled to consumer beta, Digital RuPay card
The bank is focused on driving financial inclusion by bringing half a billion Indians to the mainstream economy. Paytm Payments Bank is owned by Vijay Shekhar Sharma, who holds 51 percent stake and One97 Communications that holds 49 percent stake.
Paytm Payments Bank Savings Accounts offers a free RuPay Virtual Debit Card. Through this Card, Paytm bank account holders can pay conveniently at all major online destinations. This has expanded the reach and strength of Paytm's payment ecosystem by allowing acceptability across a large set of platforms and merchants. The consumer beta of the bank is currently live and available to customers across India.
The company is also looking to partner with Universal Banks to offer additional financial services to its customers to roll out full bouquet of banking services that includes term deposits, retail and SME loans.
"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," said MD and CEO - Paytm Payments Bank, Renu Satti.
"We are excited about this opportunity to build digital-first banking services for the Indian masses and will continue expanding our services further," added Satti.
Paytm played an important role to democratize access to digital payments for hundreds of millions of Indians ranging from small kirana store-owners and daily wage laborers to large retailers to become a part of the digital economy.
As millions have experienced the power of convenient digital payments within the large Paytm ecosystem, customers have opened Paytm Payments Bank accounts as a part of the consumer beta as they want to save money for the long term and earn interest on their deposits.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)