Paytm Payments Bank is planning to set up over 100,000 Paytm Ka ATM banking outlets across India over the next three years with an investment of Rs 3000 crore. The move is aimed at expanding its offline distribution network by allowing trusted local partners to act as potential cash-in and cash-out points.
Paytm, India’s largest digital bank providing zero balance accounts and zero charges on digital transactions, said they are happy to bring banking access “near you with ‘Paytm Ka ATM’. These specially-branded outlets will allow you to open savings account and deposit/withdraw money.”
For this, they are also introducing a dedicated ‘Bank’ section on Paytm app where one can access an entire range of banking services, including payments, digital debit card, passbook, help and support among others.
In the first phase, Paytm is starting with 3,000 ‘Paytm Ka ATM’ points in select cities, including Delhi NCR, Lucknow, Kanpur, Allahabad, Varanasi and Aligarh. These outlets feature local banking correspondents who will help people in depositing and withdrawing money from their Paytm Payments Bank account, making banking simpler and more accessible for one and all. For example, an auto/taxi driver can now visit ‘Paytm Ka ATM’ outlet to deposit his money into a Paytm Payments Bank Savings Account to earn interest and withdraw whenever required.
“We are planning to add over 100,000 Paytm Ka ATM banking outlets across India, and for that we have committed Rs 3000 cr over the next three years to expand offline distribution network by allowing trusted local partners to act as potential cash-in and cash-out points,” it said.
Renu Satti, MD & CEO, Paytm Payments Bank, said, “The Paytm Ka ATM banking outlets is our step towards ensuring every Indian has access to banking facilities. This will enable our customers to visit their trusted neighbourhood outlet to open their bank account, deposit and withdraw cash, in addition to getting their Aadhaar linked. We believe this hyper-local model of banking will play a crucial role in enabling hundreds of millions of under-served and un-served customers to gain access to quality banking services.”