India’s leading Mobile Payment organization PayTM is now officially launching Paytm Payments Bank. Led by entrepreneur Vijay Sharma, Paytm has now officially received approval by Reserve Bank of India (RBI) to turn into Payments Bank. The founder Sharma will be the full time executive in Payments Bank business.
In the official blog post, Sharma wrote:
At Paytm Payments Bank, our aim is to build a new business model in banking industry, focussed on bringing financial services to 100’s of millions of un-served or underserved Indians.
With power of technology and innovation-at-scale, we aim to become a benchmark in world of banking.
Since the Demonetization of Indian currency last month, PayTm captured more of the left markets to make payments easy. Now with the Payments Bank plan, Sharma also said:
From villages to cities, from corner vegetable stalls to milk booths, small shops to large retailers, everyone embraced the new way to pay by Paytm.
Overall, 3 years ago with the launch of PayTm Wallet, the company changed the way of people spending or sending or transferring money to their friends of relatives. Now after RBI approval, PayTm is surely going to create a huge benchmark in the Banking systems.