Payment bank aims to use the Paytm’s existing mobile wallet user base by offering new services, including debit cards, online banking.
Paytm, which had received the payment banking licence in August, plans to recruit about 3,000 people to roll out its services by the first quarter of the next fiscal.
Amit Sinha, vice-president, Paytm, said: “Hiring for Paytm’s Payment Bank is a key focus area. We have planned to get on board about 3,000 people from banking and non-banking backgrounds like FMCG, telecom, consulting, etc. We will draw on the expertise of a wide cross-section of sectors.”
Founder and CEO of Paytm, Vijay Shekhar Sharma, who will be a majority shareholder in the new subsidiary, had told FE earlier in August that the company has set aside $250 million for the payment bank business.
The payment bank would also require a significant work force for field job, and Paytm would add additional workforce from third-party agencies. The majority of the employees will be brought in for technology roles and requirements, the company said.
The payment bank aims to use the Paytm’s existing mobile wallet user base by offering new services, including debit cards, savings accounts, online banking and transfers, to enable cashless economy.
Paytm, the consumer brand of mobile internet company One97 Communications, is funded by Ant Financials (AliPay), Alibaba Group, SAIF Partners, Sapphire Venture and Silicon Valley Bank.