Bengaluru, September 12, 2017: Paytm Payments Bank recently launched India’s only mobile-first bank with zero charges on all online transactions and no minimum balance requirement. The bank is focused on driving financial inclusion by bringing half a billion Indians to the mainstream economy. Paytm Payments Bank is owned by Vijay Shekhar Sharma, who holds 51% stake and One97 Communications that holds 49% stake.
Paytm Payments Bank Savings Accounts offers a free RuPay Virtual Debit Card. Through this Card, Paytm bank account holders can pay conveniently at all major online destinations. This has expanded the reach and strength of Paytm’s payment ecosystem by allowing acceptability across a large set of platforms and merchants. The consumer beta of the bank is currently live and available to customers across India. The company is also looking to partner with Universal Banks to offer additional financial services to its customers to roll out full bouquet of banking services that includes term deposits, retail & SME loans.
Renu Satti, MD & CEO – Paytm Payments Bank said, “Our customers will now be able to pay across all major online portals with our virtual debit card and experience the same convenience that have been accustomed to across the Paytm ecosystem. We are excited about this opportunity to build digital-first banking services for the Indian masses and will continue expanding our services further.”
Paytm played an important role to democratize access to digital payments for hundreds of millions of Indians ranging from small kirana store-owners and daily wage laborers to large retailers to become a part of the digital economy. As millions have experienced the power of convenient digital payments within the large Paytm ecosystem, customers have opened Paytm Payments Bank accounts as a part of the consumer beta as they want to save money for the long term and earn interest on their deposits.
About Paytm Payments Bank
Paytm Payments Bank is India’s mobile-first bank with zero balance-zero digital transaction charge accounts. Owned and governed solely by Indians, Paytm Payments Bank was launched on May 23, 2017 with Renu Satti as its MD & CEO and is headquartered in the National Capital Region, India. Paytm Payments Bank – Chairman, Vijay Shekhar Sharma owns majority stake in the company, with the remaining share owned by Indian firm One97 Communications Pvt Ltd. Paytm Payments Bank is building India’s first world class digital bank, and aims to build a new business model in the banking industry that is focused on bringing financial services to hundreds of millions of un-served or underserved consumers across India.
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