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September 14, 2015updated 04 Apr 2017 4:01pm

Paytm to launch India’s payments bank in 2016

Mobile wallet company Paytm is planning to launch India’s first payments bank around April-May 2016.

By Verdict Staff

Mobile wallet company Paytm is planning to launch India’s first payments bank around April-May 2016.

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Paytm Payment Bank, the new entity created to house the payments bank, will also include the mobile wallets business.

Payments banks will serve as a tool to aid financial inclusion, extending financial help to MSMEs and SMEs. They will primarily offer remittance services and accept deposits worth up to INR10,000.

According to local media reports, the company is now searching for a CEO for the new service. It is planning to recruit 100 staff a month to start the new business.

Paytm, which now has over 104 million mobile wallets, expects to reach 150 million by March 2016, reported The Economic Times (ET).

"We have an edge on timeline. The next year or a year and half, when these companies get started, we will still be playing the business," Vijay Shekhar Sharma, co-founder of Paytm’s parent One97 Communications told ET.

The wallet license will be surrendered shortly to the RBI and will operate under the payments bank licence.

"We will build our banking correspondent network first and also lead by technology," added Sharma.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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