Paytm Payments Bank is aiming to create the world’s largest digital bank with 500 million accounts. The bank backed by the country’s largest digital wallet launched formally on Tuesday with an aim to target people who don’t have access to professional financial services.
Unveiling Our Money Market Fund
“We are unveiling our money market fund, launching our debit card and we’ll have the capabilities to allow enterprises to open business accounts,” Said Paytm founder Vijay Shekhar Sharma.
“Digital payment was our entry point, we want to become a vertically-integrated financial services company, he said further.”
About Paytm Payments Bank
The bank will operate a mobile-first bank with zero fees on online transactions and no minimum balance. Paytm Payments Bank is a majority-owned by Sharma and One97 Communications, which operates Paytm and is backed by Alibaba Group Holding Ltd.
The bank grew out of Paytm’s digital wallet, which amassed over a hundred million customers after India took high-denomination bills, that is nearly 90 percent of the value of cash out of circulation.
Yet to Build Large Digital Banking Capabilities
In spite of the expansion of cell phones and modest information rates conveying web access to millions, conventional loan specialists presently can’t seem to assemble digital banking capabilities. What’s more, Indian shoppers aren’t yet altogether alright with digital financial startups. Sharma said that works to support Paytm.