Paytm is a mobile Payment and commerce stage which is owned by Vijay Shekhar Sharma, of One97 Communications. Paytm now plans to convert its around 120 million wallet users in to account holders of its proposed Payment Bank, after its takeoff.
As is known, the Paytm Wallet is one which is presently used for various purposes like Recharges, Bill Payments, Bus Tickets, Shopping from several places and several others. Paytm Wallet is an RBI approved media, and is safe and comfortable to use either through web or mobile. Several Cash Back offers are also available through Paytm which provides 24×7 supports. Money can be replenished using your Credit Card or Debit Card. Also, several details can be saved in a Paytm Wallet.
It is now interesting that Paytm is in a tie up with FIS Global, a US based firm for Technology, and by second half of next year, the Payment Bank is expected to takeoff. FIS which provides financial world payment processing and banking solutions, will provide the support for a Core Banking solution, and all consumer transactions will be taken through this, to ensure a foolproof system.
FIS with its spread over 130 countries and more than 20,000 clients has the capacity of over $9 trillion transactions in a year and with Paytm proposing to enter in to tie up with various firms for banking operations, is expected to do wonders. Further, with the induction of Shinjini Kumar as its Chief Executive, KshitjiSanghi as an Executive, and Narendra Singh, as its DGM, and several others in its list of new recruits, for its proposed Payment Bank, the bank proposes to set up around 20 branches, 200 smaller branches and hire at least 1000 agents. It has proposals to invest around INR 1,200 crores during the first three year periods.
Can we expect that Paytm would bring up something new in the banking system, with latest technology in place, and face the challenges that may come up in the future?
Let us wait and watch!