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Paytm Is All Set To Launch The Payments Bank

Sushant Deshpande

    Paytm Payment Bank

Paytm is now geared up to offer banking services to the users worldwide with its new financial offering- Paytm bank. Paytm is currently India’s leading e-wallet digital company offering online recharge and e- commerce services to a large number of Indian users.

There were many buzzes after out PM Shri. Narendra Modi announced the ban of the higher currency notes and leading India towards a cashless economy. The company who was largely benefited from this move was Paytm. Statistics reveal that millions of users switched to Paytm after the Demonetization was initiated. Many users heavily relied on Paytm for buying daily groceries and other beneficial products. 

After achieving huge profits through E-commerce and online recharge business, it is now entering into the financial segment by offering banking services. It would be the country’s first mobile bank with zero charges on all the online banking transactions. The Paytm users need not worry about maintaining bank balance as Paytm does not require you to maintain the minimum balance.

With the latest Paytm app or website, a user can transfer money to his/her bank account from Paytm wallet money. The user must have a certain balance in the Paytm account to initiate the transfer. You will be asked to fill some important details such as Bank account number, IFSC code and a few other details. Once you successfully enter the details, you are good to go.

The Reserve Bank of India has adopted this technique to promote the digital banking and to take the financial segment at a different level.  Paytm will not have financial services on their own however, they will collaborate with the other banks and offer services to you. A user can deposit money or transfer money using the Paytm’s saving account.

The Paytm’s banking services are still under Research and Development process and only a few users can access this service currently. The users can request to open a new payments bank account with Paytm by dropping an email at help@paytm.com. The other features of the payments bank include dedicated debit cards, interest on the deposits, zero balance offer, ATM transactions and Cashback offers.

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