The Hindu Business Line
‘Paytm Payments Bank aims to ramp up S/B customer base to 10 cr’
Paytm Payments Bank (PPBL), the country’s largest payments bank, is looking to ramp up its savings bank customer base to 10 crore over the next one year, a top official said.
In a span of almost two years since its launch in May 2017, PPBL has, till date, built a savings customer base of four crore.
“Our aspiration is to open 10 crore accounts in the next one year, from about four crore now,” Satish Kumar Gupta, Managing Director & CEO, Paytm Payments Bank, told BusinessLine after opening the bank’s second branch at Lajpat Nagar in New Delhi.
It may be recalled that PPBL’s first branch was opened at Noida in May 2017. The Lajpat Nagar branch is the first for this payments bank in Delhi.
To ramp up its savings bank customer base, the focus of PPBL will be on onboarding new customers, as well as conversion of existing Paytm wallet users. As on date, Paytm has more than 26 crore wallet customers.
In March 2019, more than 40-crore transactions were conducted through the PPBL platform, and the aggregate value of these transactions exceeded ₹25,000 crore, according to Gupta. He also said that PPBL was not averse to opening more branches in future, but would decide on this based on the experience gained from the setting up of the second branch.
Gupta said PPBL is leaving no stone unturned to ensure an unparalleled experience to its customers. “While we are leveraging our digital operations in a self-service mode to transform India into a less cash economy, PPBL has decided to open another branch with a view to understand the need of its customers for a branch interface. Even in the second branch, our thrust will continue to be digital,” he said.