Without a doubt Paytm is the biggest digital payments startup. Paytm is dropping bombs one after the other. Well, they might not be bombs literally but what they are dropping is nothing less than a bomb.
The revelation of Paytm bank has been the biggest news for the Paytm users as there are lots of changes going on with other banks. The second bomb was that Paytm will be offering 4% interest on Cashback and the fact that they are planning to open 31 branches.
The rise of Paytm happened after Prime Minister NarendraModi banned high-value currency notes. This resulted in a high boost of the usage of electronic wallets. People started using various electronic wallets and Paytm is the one that has been used by people.
Opening of the Paytm Bank will make Paytm the third firm in India to open payment banks. It has been reported that Paytm will be opening a total of 31 branches and it has been pointing to get 3,000 customers in its first year.
According to a source, it has been reported that Paytm holds 22 crores customers currently and they plan to double it to 50 crores by 2020. The current accounts of the users will be shifted to payments banks at the users need to comply accordingly.
The chairman of Paytm added that the current customers will be able to continue using their wallets just like the way they used to before. They will be provided with virtual debit cards and would be able to request a physical card if they need to withdraw cash from an ATM in the country.
He also stated that the accounts will be zero balance accounts and no extra amount will be charged on online transactions. Paytm will be offering the user an interest of 4 percent yearly.
Paytm customers can request an invite through the App or the website of Paytm to open an account. Apart from that, they are also opening a KYC centers across the country to help the people in opening accounts.