The new app will allow customers to do banking transactions from its saving bank accounts on the go
Paytm Payments Bank Limited (PPB), India’s largest payments bank has further consolidated its position as a market leader with the launch of its mobile banking app that offers users quick, effortless & secured access to their bank account on the go. With a simple, & intuitive navigation, the mobile app will enable customers to check their balances, raise request for physical debits cards, access digital debit cards, etc. Customers will also be able to receive 24×7 help and support through this mobile banking app.
The new app is latest addition to PPB’s list of efforts to bring millions of under-banked Indians to the economic mainstream. Launched in May 2017, currently the bank has enrolled over 43 Million saving bank customers. PPB has already issued over 2 Million physical debit cards. In addition, virtual debit card has been given to all 43 million saving bank customers. PPBL debit card has inbuilt security feature of enabling /disabling it just by single click in the app to secure against misuse of debit card by any miscreant. It is pertinent to note that nos. of digital transactions through PPBL debit cards are twice than that of cash transactions.
Paytm Payments Bank customers enjoy free banking services and earn an annual interest of 4% on their savings. PPB has a highly secure infrastructure and allows its customers to deposit up to Rs 1 lakh in their savings account and/or wallet. Any amount exceeding the limit of Rs 1 lakh is automatically converted into a Fixed Deposit via auto sweep with PPB’s partner bank, allowing customers to earn up to 8% p.a. interest on their Fixed Deposit amount. The customer can instantly redeem the desired amount in their Fixed Deposit at any time free of charge.
Speaking on the occasion, Satish Kumar Gupta, MD & CEO Paytm Payments Bank said, “The new app has been introduced exclusively for its bank’s customers to provide wide range of banking services in a phased manner. The purpose of new app is to segregate its operations from the existing app which caters to customers of several group entities. However, PPB customers will continue to serve its customers on its older app should its customers desire so. Both apps will co-exist”
The new app is presently available for download on Google Play store and shall shortly be available on the Apple app store as well.
About Paytm Payments Bank
Paytm Payments Bank is India’s largest digital bank, providing zero balance accounts and zero charges on digital transactions. Paytm Payments Bank aims to build a new business model in the banking industry that is focused on bringing financial services to over 500 million un-served or underserved consumers across India. It is headquartered in the National Capital Region, India. Paytm Founder and CEO, Vijay Shekhar Sharma owns a majority stake in the company, and One97 Communications Ltd owns the remaining share.