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Paytm to Launch Payments Bank Services, Will Hire 3,000

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Paytm to Launch Payments Bank Services, Will Hire 3,000

Bengaluru, India | Red Newswire | Nov 8, 2015 Last Updated at 11:00 PM IST.

Paytm is looking to hire 3,000 people in an effort to launch its payments bank services. The Alibaba – backed company is aiming to launch its brand new services by the first quarter of the coming year. The McKinsey and Ernst & Young will be helping the payments and e-com firm in the hiring process.

Amit Sinha, VP at Paytm said, “Hiring has already started and we are looking to get on board about 2,500 people before the launch, while an additional 500 will come once we go live. For distribution roles, we are also hiring from telecom and FMCG sectors.” Paytm is also in talks with third-party agencies to help acquire additional workforce. Sinha said, a majority of the workforce requirement is in the technology segment of the company.

There are over 104 million Paytm wallet users presently and a 50 million more are expected by the end of first quarter of the next year. The company has already started shaping up its executive committee while waiting for the final nod from RBI.

A senior official said, “A majority of senior positions have been finalized and it could be announced in a couple of weeks, depending on the response from the RBI.” The company has already shortlisted 2 names for the post of bank operation’s chief executives.

Paytm’s has decided to hire at a time which we might call as a “layoff season”,  since a number of startups trying to stabilize their business by mass layoffs. This is a completely new business for Paytm. It has an employee base of 440 and is looking further to add 400 more.

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