A thumbs up for Paytm. Being India’s first e-walletcompany, it got bank payment license from Reserve Bank of India. It’s going to convert its 125 mobile wallets into savings and current accounts very soon. Hopefully, Paytm will launch its new initiative in November 2016.
According to Paytm, e-wallet has become a mode of payment. And it’s time to move beyond this.“Financial services take the front seat and payment becomes another option that we will offer to our users,” said Vijay Shekhar Sharma, co-founder of One97, Paytm is a subsidiary company of this parent company.
Paytm is targeting to be thelargest payments and financial services company in India, and their bull eye is200 million bank accounts by the end of this year.With abank accountin Paytm, anyone can store money in the wallet, invest a portion of the fund in money market funds (that’s the first one what Sharma will start with in November), and users of the e-wallet and online account even can take loans (the rate of interest will be at lower than prevailing standard rates). The joining of Mutual funds is in the pipe.
What are the Features of Paytm Bank
- You can take a loan to purchase anything from the paytm marketplace.
- You can book movie ticket direct from the app, and you will get a full refund if you miss the show!
- Some insurance companies are also joininghands with Paytm; that means it will offer insurance too.
Stay updated here with all new things of this smart banking cum financial services app. From November,we believe, a new era is to be begun.