Paytm launched its payments bank services in 2017 after RBI granted permissions to other companies to launch their own versions
Paytm has launched a standalone app for its payments bank service. Called the Paytm Payments Bank, the app caters to the needs of users who are banking with the Indian company since 2017 when the service was officially announced. Available to both Android and iOS users, Paytm Payments Bank app is meant to isolate banking from the main app and offer features such as checking the balance, use debit card services, and transfer funds.
The Paytm Payments Bank customers can get 24×7 customer assistant right within the new app, said the company in a release. The customers who do not own a physical debit card can request one from the app. The charges for the physical debit card remain the same. Paytm is also letting customers get KYC-verified from the app, which means the submission of documents in the digital format, followed by a doorstep verification process.
The customers can go to the Google Play store on Android phones and the App Store on iPhone devices to download Paytm Payments Bank. If they already have an account, putting in the mobile number will show all the account details right within the app including the features mentioned above. Those who do not bank with Paytm can sign up via the app, get KYC-verified, and begin using the services.
Paytm launched its payments bank services back in 2017 after RBI granted permission to the applicant companies to launch their own versions. Payments bank is a digital banking service that lets customers open accounts online, get a virtual debit card, and use the service across shopping websites. The company lets customers open a savings account with a certain annual interest.
The company claims that its payments bank now has 43 million customers, two million out of which now own physical debit cards. The Paytm Payments Bank physical debit cards let customers pay at a wide range of vendors using the conventional card swiping machine. The debit card also lets them withdraw cash money out of supported ATMs across India.