Paytm plans to start payment bank at the end of the month

Paytm Payments Bank, which obtained final approval from the Reserve Bank in January, expects to start operations later this month, PayTm founder and CEO Vijay Shekhar Sharma said today.

"If the RBI blesses us, we can have our bank by the end of the month. Banking should be made available to all, the money the client puts is not a liability but an asset," Sharma told the Indian Conclave Today here .

Asserting that banking in the current form is outdated, he said, "Versace suits will not change the banking model. Our payment bank will be built on a new model that will focus on bringing financial services to the hundreds of millions of non-financial services. Served / under-served ".

Sharma said that "the current financial system penalizes a sincere person, but if someone speaks the language of those who are in the passenger aisles, Power, he borrows hundreds of crores and fails to pay, still Arrange to live in London or in those places. "

Sharma expressed the belief that with greater penetration of mobile internet connectivity, your business will grow even more.

Paytm currently has about 21.5 crore subscribers, Sharma said the addition against this SBI has 20.7 subscribers.Paytm does about 20 crore transactions per month, while according to RBI data, all other e-wallets together make 19 crore transactions.

"You can undermine a business but not a technology; it's a tsunami," he said about online payments and smartphones. To further deepen this, we need a better Internet network and telecommunications connections, he added.

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Paytm launches payment method for users without Internet

Paytm has announced the launch of a new free 180018001234 number to help customers use Paytm without an Internet connection. This is particularly important for times when Internet connectivity is uneven, and continued disconnections prevent you from using the Paytm application. Both users and merchants can now use the feature simply by calling the toll-free number to pay and receive money. The facility can be used to recharge their mobiles, which will enable millions of smartphone users in India.

To use this service, users must register with Paytm with their mobile phone numbers and have a four-digit Paytm PIN just like any ATM PIN. Users need to call the number and enter the contact number of the recipient and enter Paytm PIN to transfer the money. Paytm already offers its services of digital money to the users to pay in Taxis, Cars, Gasoline Pumps, supermarkets, restaurants, multiplex, parking lots, pharmacies, hospitals, Kirana stores, etc.

"We are committed to enabling more and more Indians to be able to conduct digital transactions." The launch of our new free payment number is another significant step in that direction, allowing even smartphone users in India not to have cash " "Added Nitin Mishra, Senior Vice President Paytm.

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