Medicine

Digital payment fast replacing cash as predominant way: Arun Jaitley

Digital payment fast replacing cash as predominant way: Arun Jaitley

After its beta launch in May this year, digital payments company Paytm has launched its Paytm Payments Bank operations.

Paytm - which offers a mobile wallet, recharge, bill payment services, e-commerce (Paytm Mall) and ticketing services - saw a massive growth in its business after the government's demonetisation drive in November previous year.

While Sharma owns the majority share of the digital Payment's bank, One97 Communications - which is backed by the Alibaba Group Holding Ltd and Jack Ma's Ant Financial - holds the remaining 49 percent of the share.

Jaitley further said that today nobody can legitimately complain that he has no access to banking. Today, with the robust expansion of the banking system, no one can complain that one doesn't have access to the banking system, he said. 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.

Paytm Payments Bank is a mobile-first bank with zero charges on all online transactions and no minimum balance requirement.

The FM highlighted recent capital infusion plan announced by the government and said: "The reason for giving capital to banks is that these banks may become mazboot (strong), rather than mazboor (hard pressed)".

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"In the last two years and the next three years, we would have invested Rs 18,000 crore to Rs 20,000 crore". Paytm is now working on building an ATM network too.

Earlier, Paytm had tied up with private sector lender ICICI Bank to offer its customers up to Rs 20,000 interest free credit for the first time for everyday use ranging from movies to bill payments to flights and white goods. Payment Payments Banks comes with no such hassle. The new digital bank is made with the company's revenue from its digital wallet - which clinched over hundred million customers after Narendra Modi-led Central government put a ban on the currency notes of higher denominations. Paytm is also planning to open almost one lakh Paytm-ka-ATMs across the country.

During the launch, Jaitley said that the modern technology had changed the entire dynamics the way banking was done in the country. "We are committed to offering the most transparent, safe and trusted banking to masses".

Going forward Paytm will pour $500 million in KYC operations to make more people eligible for the Payments Bank service.

Other dignitaries present at the event were P. Vijaya Bhaskar, former Executive Director of Reserve Bank of India, and Dilip Asbe, interim CEO of National Payments Corporation of India (NPCI), among others.


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