Vijay Shekhar Sherma, CEO of Paytm is ready to launch India’s first mobile based Payment bank, following the traits and advices of a part of its owner, Alibaba’s founder, Jack Ma. Jack Ma had adviced Vijay that the top 50 companies in the world owe their tons of profit to the presence of banking and financial services industry and that his next concentration must be on developing this feature. This is India’s first every Payment bank and has been named PAYTM BANK. It was originally planned for launch in the month of April but the launch has now been postponed to the month of August this year. As Alibaba holds nearly 40% of Paytm’s stake, Vijay took to Jack Ma’s advice.
IT services company Wipro has offered to implement and maintain the technological services that aid to the vital banking solutions and in addition, it has also offered to maintain the integrity of the company and the user by checking on anti-money laundering and also by providing facilities for reporting and regulating the functions. A one year contract has been signed between Wipro and Paytm and this involves Wipro’s contribution to maintain data centres for the Payment bank. Detecting fraudulent users and governing customers will be done by Paytm itself.
These banks are not planning to issue credit cards to the users. Instead, the users can save upto a limit of Rs. 1 lakh in their current or savings account. The services are said to be entirely dependent on this app and in addition, the company is also planning to provide Debit cards with QR codes for the users who do not own smartphones.
The main aim of this app is to improve the marketplace of their company by receiving and studying the insights of both customers and merchants. This new feature is also believed to be the beginning of the end of the currency notes, following the suits of many leading organizations.