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Paytm bank officially Inaugurated. Vijay Shekhar Sharma plans to hit 500 Million users by 2020

Paytm bank officially Inaugurated. Vijay Shekhar Sharma plans to hit 500 Million users by 2020

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One of the fastest growing Fintech giant Paytm has officially inaugurated their Payments Bank services. The inauguration was done by Hon. Finance Minister Arun Jaitley. Vijay Shekhar Sharma, Founder and CEO of Paytm at the event cited , “India is at a cusp of a financial revolution. The demography and access to financial services will create a ton of jobs in the country and Paytm is very proud to be a part of this financial services revolution. Paytm Payments Bank will work towards creating a massive number of jobs in the long run.”

What will Paytm Payments Bank Offer to its Users?

With this launch, the services will also include zero charges on all online transactions and absolutely no minimum balance required. The payment bank will also offer free personalized RuPay digital debit card to its account holders.

Just like banking systems offering interest rate over savings account, Paytm payment bank will also offer a 4-7% interest rate on savings account, and up to 7% on a linked sweep out Fixed Deposit. Further to this Renu Satti, MD and CEO of Paytm Payments Bank added, “Paytm Payments Bank is the country’s largest mobile-first, technology-led bank. By virtue of reaching every nook and corner of the country, we will be able to bring the large un-served and under-served population to the mainstream economy. We are committed to offering the most transparent, safe and trusted banking to masses.”

What are Payment Banks?

Payments banks are a new model of banks conceptualised by the Reserve Bank of India (RBI). These banks can accept a restricted deposit which is currently limited to INR 1 lakh per customer account. These banks cannot issue loans and credit cards. Both current account and savings accounts can be operated by such banks.

In the past RBI has given in-principle approval to the below list of people/organisation for Payment Banks.

  • Aditya Birla Nuvo Ltd
  • Airtel M Commerce Services Ltd
  • Department of Posts
  • Fino PayTech Ltd
  • National Securities Depository Ltd
  • Reliance Industries Ltd
  • Vijay Shekhar Sharma, Paytm
  • Vodafone mpesa Ltd

Other than the above listed entities three have surrendered their licenses. First one being “Chalomandalam Distribution Services”, then “Dilip Shanghvi, Sun Pharmaceuticals” and the latest, “Tech Mahindra

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Paytm – Quick Statistics
Merchants 30 lakhs
Consumers 230 million
Paytm has crossed 100 million downloads and currently has 230 million mobile wallet users.
It has also hit 5 billion GMV and is currently clocking INR 120 crores worth deal daily
Has launched the POS Service for all merchants across PAN India
Post Demonetisation, it has grown into three folds with 7 million + transactions daily
The company has also launched its Fintech Services in Cananda
Paytm has also launched recurring billing service for digital subscription cloud-based companies, such as content apps and websites, newsletters, utilities and media companies.
BHIM App – Quick Statistics
Downloads 20 Mn+
Transactions per day  5 Mn +
Mobikwik – Quick Statistics
Merchants 5 lakhs
Consumers 55 million
Has recently tied up with 391 toll plazas in India to pay through their app
Allows merchants to transfer the amount in their account with 0% facilitation fee
Mobikwik with a user base of 40 million has seen a growth of 40% in daily app downloads.
Also has partnered with Mumbai Traffic Police
Freecharge Quick Statistics
Merchants 6 lakh
Consumers 50 Million
Has recently partenered with IOCL, BPCL and HPCL across the country.Will be available on major petrol pumps in India
The list includes nearly 26,000 petrol pumps of IOCL, nearly 13,500 petrol pumps of HPCL and nearly 13,800 petrol pumps of BPCL.
Will also be available to pay with 17,000 LPG distributors across the Country.
Paypall Quick Statistics
Total Volume of Digital Payments Globally $282 Billion
Total Volume of Mobile Payments Globally $66 Billion (23% of Total Digital Payments)
Paypal has lesser volume of total payments through mobile which will always lure Paypal towards Mobile Wallets in India which is an emerging market for Fintech Companies worldwide
Paypall has officially launched their services in India, exactly after one year of demonetisation
Google Tez Statistics
Consumers 8 Million
WhatsApp Statistics
Consumers 200 Million
They are testing their services in India. Have tied up with leading player like Book My Show for their beta stage
Hike Statistics
Consumers 100 Million
Chat turned digital wallet is looking to expand its horizon from peer to peer transaction through payment integration through an extensive network of merhants and banks

 

2 Comments

2 Comments

  1. Ahmed Cementwala Good information

      Reply29 Nov, 2017 8:30 AM

  2. Pingback: Alibaba buys 40% stake in Bigbasket | The Startup Mojo

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