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Mobile Payments

Paytm Payments Bank registers 100 mln KYC wallets

Tuesday 24 April 2018 | 11:11 AM CET

Paytm Payments Bank has announced that it now has over 100 million KYC wallets, against the constant campaigning done by bank about the benefits of the Know Your Customer (KYC) system.

After the successful response received, the bank has introduced several options that include Paytm KYC centers and ‘Paytm-Ka-ATM’ outlets to offer more localised support. Customers can locate these through the ‘Nearby’ section on the Paytm app. KYC’ed customers also have a choice to open a zero-balance account with Paytm Payments Bank.

On a related note, Paytm Payments Bank is owned 51% by Paytm founder Vijay Shekhar Sharma and 49% by One97 Communications Limited.

Paytm offers seamless multi-source and multi-destination payment solutions through ‘Money Transfers’. The app is also being used to make payments using Credit/Debit Cards, Bank accounts, Paytm Wallet or using Paytm Postpaid to any recipient Bank or Paytm account. 

More: Link
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