Paytm payment bank to open for all in few weeks: CFO

Electronic payment company, Paytm, will open its payment bank for all in two weeks’ time. In May, the company launched the payment bank service but made it available on invitation basis only.

Speaking to The Free Press Journal, Madhur Deora, CFO, Paytm said, “Paytm payment bank will be launched in few weeks. So far, it was only on invitation basis but soon everyone can use the service.” Without divulging anymore details, Deora said that the company has set an internal target for this service for the first year. The company in its statement said it aims to have 500 million Indians by 2020. As of now, Paytm’s wallet service is used by 200 million users in India.

Yet another service of Paytm that have been delivering good results is digital gold. Within months of the launch of digital gold, Paytm has been able to garner huge transactions in the space. “All Indians do not understand mutual funds, they understand gold which is why we started it at the first place.” He further added, “We add 1,000 of new customers every day (for the digital gold service).”

He further added, “We are very overwhelmed with the response gold product has received. We have not innovated enough (in digital gold). At present, it is used for gifting or transferring the jewel to jewellery.”

The beauty of digital, according to Deora, is that it makes the cost of distribution very miniscule. “Thus, you can serve everyone,” he added. “We want to be present in the space where there is a need. We do not say that you are not a valuable customers because your purchase is not highend.” This fintech company has seen wide range of customers— some preferring gold coins, some preferring budgeted purchase etc. The company offers gold at Rs 1 to Rs 1, 50,000. He further added post demonetisation the company’s wallet business has seen a rise compared to others.