Paytm Payments Bank, the First With Cashbacks, Goes Live in India

Paytm starts operations as Paytm Payments Bank. Is it just another bank?

Paytm Payments Bank operates via the Paytm app itself.(Photo: TheQuint)

Paytm on Tuesday has launched its very own banking system called Paytm Payments Bank that customers will be able to operate via the Paytm Wallet app. There is no physical branch that Paytm have introduced, but all banking operations will take place via the app itself.

Also Read: Paytm Starts Operations As A Payments Bank

This is the first bank in India to offer cashback to customers on deposits. Also, customers will be offered zero charges on all online transactions and there will be no minimum balance required.

(Photo: TheQuint)

(Photo: TheQuint)

(Photo: TheQuint)

RBI has given us an opportunity to create a new kind of banking model in the world.  We are proud that our customer deposits will be safely invested in government bonds and be used for nation building.  None of our deposits will be converted into risky assets.  

Vijay Shekhar Sharma, Chairman, Paytm Payments Bank  

Although this is another banking service offered by Paytm, don’t consider it as just another bank as it does have a lot of limitations.

Also Read: Paytm Payments Bank: Everything You Need to Know

In order to avail the services of Paytm Payments Bank, one will have to download the Paytm app and register themselves via the KYC (Know Your Customer) portal of the app.

Aadhaar/PAN details are required to register to the Paytm Payments Bank portal.(Photo: Paytm app screengrab)

You will be issued an OTP to register. (Photo: Paytm app screengrab)

Personal details like Father’s name & other details need to be registered. (Photo: Paytm app screen grab)

Once the registration is complete, you’ll be intimated about your Paytm Payments Bank a/c activation. (Photo: Paytm app screengrab)

Existing customers will receive a message from Paytm regarding your current wallet balance being transferred to the Paytm Payments Bank account. There is also a procedure if you do not wish to continue with Paytm Payments Bank.

Existing Paytm users are sent an invitation for Paytm Payments Bank via message.(Photo: SMS screengrab)

The introduction of Paytm Payments Bank will not affect the functioning of the Paytm Wallet app and the application will continue to be used in the same manner as before.