Ecommerce and payments platform Paytm has received a final permission from the Reserve Bank of India to formally launch the Paytm Payments Bank. The central bank had in-principle approved the Paytm payments bank last year in August.
In a blog, Paytm’s Vijay Shekhar Sharma wrote the Paytm Payments Bank will build a new business model in banking industry. Other then that, it is likely that Sunil Munjal and Saroj Poddar will buy a stake in Paytm, which may touch valuation of $6 Bn if everything goes well.
After the approval by RBI for payments bank, here’s what Vijay Shekhar Sharma wrote in his blog.
Today, Everything changes, Again.
From Payments to Payments Bank.
Exactly three years ago, on January 3rd 2014, we launched our mobile wallet — Paytm. Today, Paytm has become the category leader and changed the way India pays.
From villages to cities, from corner vegetable stalls to milk booths, small shops to large retailers, everyone embraced the new way to pay by Paytm.
Now, we are embarking on a new and even more exciting journey.
Today, Reserve Bank of India gave permission to formally launch Paytm Payments Bank. We can’t wait to bring it in front of you.
At Paytm Payments Bank, our aim is to build a new business model in banking industry, focussed on bringing financial services to 100’s of millions of un-served or underserved Indians.
With power of technology and innovation-at-scale, we aim to become a benchmark in world of banking.
This is our chance to build something that every Indian can be proud of. No other role or responsibility means as much to me as the privilege of building Paytm Payments Bank, and I intend to take a full-time executive role in the Bank.
In this journey, we will keep our heads down, work harder, and remember these three guiding principles:
In the recent development, Paytm also announced that it has added support for payments using the Unified Payments Interface (UPI) in order to allow users to transfer money into their Paytm Wallets seamlessly.