The mobile payments platform, Paytm, aims to become, the world’s largest digital bank with 500 million accounts envisioning. The online financial services provider also includes wealth management for credit cards and stock market trading. Paytm Payments Bank is owned by One97 Communications, which also operates Paytm and is backed by Alibaba Group Holding Ltd. Jack Ma’s Ant Financial, holds the 49 percent. The bank grew out of Paytm’s digital wallet, which has over a hundred million customers in India. As the government is encouraging the E-wallets, Paytm is one of fewer than a dozen entities that secured permits to start digital payments banks, which can accept deposits, but cannot lend.
Paytm bank Official launch is inaugurated by Union Finance Minister Arun Jaitley in New Delhi on Tuesday. According to a statement from the company, Paytm Payments Bank is India’s first mobile bank with which customers will be able to make online transactions at zero cost. Moreover, you also need not keep a minimum balance to maintain your Paytm Bank account.
The official tweet gives information regarding the launch of first Paytm Payments Bank physical Debit Card, “The first ever Paytm Payments Bank physical Debit Card is here, being unveiled by Hon’ble Finance Minister @arunjaitley in presence of @vijayshekhar and @renusatti.”