Exactly three years ago, on January 3rd 2014, Paytm, mobile wallet was launched. Today, Paytm has become the category leader and changed the way India pays and it rose to much prominence post demonetisation announcement.
From villages to cities, from vegetable stalls to milk booths, small shops to large retailers, everyone embraced the new way to pay by Paytm and it has become the face of digital payments.
Now, Paytm is embarking on a new and even more exciting journey. On Tuesday, Reserve Bank of India gave permission to formally launch Paytm Payments Bank.
“We can’t wait to bring it in front of you. At Paytm Payments Bank, our aim is to build a new business model in banking industry, focussed on bringing financial services to 100’s of millions of un-served or underserved Indians. With power of technology and innovation-at-scale, we aim to become a benchmark in world of banking.
“This is our chance to build something that every Indian can be proud of. No other role or responsibility means as much to me as the privilege of building Paytm Payments Bank, and I intend to take a full-time executive role in the Bank. In this journey, we will keep our heads down, work harder, and remember these three guiding principles,” wrote Paytm & One97 Vijay Sekhar on its blog.