Paytm is all ready to start its payments bank soon, it got the final approval from the Reserve Bank Of India this January and hopes to get started by this end of the month.
Paytm Founder and CEO Vijay Shekhar Sharma said in a press conference: “If the RBI blesses us, we will be having our own payments bank by this month end. Banking must be made available to everyone. The money that a customer puts in is not a liability but an asset.”
He also stated that the banking system in present day India is outdated. And that his payments banks will build a new model that will emphasize on bringing financial services to hundreds and millions of un-served or the under-served.
Coming to analytics, Paytm currently have 21.5 subscribers whereas the State Bank of India has 20.7 subscribers. Mobile wallet company Paytm does about Rs. 20 crore transaction every month, while other e-wallets company put together will amount up to Rs. 19 crores.
“You can underestimate a business, but not a technology, it is a tsunami,” he said on online payments and smartphones.
Paytm’s parent company One97 Communications announced on Thursday the launch of its mobile wallet services in Canada. This will be as a stepping stone for the Indian consumer’s startups in the Canadian market. The Paytm Canada is currently live on Google Play Stores and iTunes.
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