"I will Paytm the amount to you"... hasn't the world become a better place after the introduction of Paytm?! It certainly has!
Millions of merchants have so far downloaded the app, altogether making purchasing from tea stalls, vegetable shops effortless.
Making payments even easier, Paytm has now launched its payments bank. The digital payments firm which is targeting to reach 500 million customers by 2020 introduced its payments bank with 4 percent interest rate, zero fees on online transactions, cash backs on deposits and no minimum balance requirement.
The company that has become the biggest alternative for cash is all set to establish KYC centres across the country so as to assist its customers in opening accounts.
Chairman of Paytm Payments Bank, Vijay Shekhar Sharma, had a dream to change the way of banking and hence this surely must be a big milestone for him. Sit back and enjoy the deal!
"RBI has given us an opportunity to create a new kind of banking model in the world. We are proud that our customer deposits will be safely invested in government bonds, and be used for nation building. None of our deposits will be converted into risky assets."
These wallets will now be shifted to the payments bank, and the customers will have to comply with the 'know your customer' (KYC) norms for their opening accounts.
In case the users do not wish their wallets to be transferred to PPBL, they were required to inform Paytm before May 23, which in turn will transfer the wallet balance to the user's bank account.
Then the transfer to PPBL will happen once the customer gives specific consent.
Henceforth, this will be a mobile-first product having a feature of cash back on deposits. Every customer will get cash back of Rs 250 on opening a payments bank account with a deposit of Rs 25,000.
Paytm will also offer virtual Rupay debit cards to the customers as well as physical cards on a request for withdrawing from any ATM in the country.