Paytm Payments Bank registers 100M KYC wallets

Paytm Payments Bank announced on Monday that it now has over 100 million KYC wallets, against the constant campaigning done by bank about the benefits of the Know Your Customer (KYC) system.

After the successful response received, the bank has introduced several options that include Paytm KYC centers and 'Paytm-Ka-ATM' outlets to offer more localised support. Customers can locate these through the 'Nearby' section on the Paytm app. KYC'ed customers also have a choice to open a zero-balance account with Paytm Payments Bank.

"We are excited to see that our customers appreciate the benefits of completing their KYC and it is evident with the large number of KYC requests that we are receiving. We are doing our best to serve everyone as soon as possible while we continue to set new benchmarks for ourselves. As our commitment to our customers, we will continue to invest further to strengthen the payments infrastructure in our country," said Renu Satti, MD and CEO - Paytm Payments Bank.

On a related note, Paytm Payments Bank is owned 51 percent by Paytm founder Vijay Shekhar Sharma and 49 percent by One97 Communications Limited.

Paytm offers seamless multi-source and multi-destination payment solutions through 'Money Transfers'. The app is also being used to make payments using Credit/Debit Cards, Bank accounts, Paytm Wallet or using Paytm Postpaid to any recipient Bank or Paytm account.