Paytm, which is one of India’s largest payments bank, has launched its mobile banking app, named Payments Bank. With this app, customers will be able to check their account balance, raise a request for physical debits cards, access digital debit cards, and more. Additionally, one can also get 24 x 7 help and support via this mobile banking app, the company said. Paytm asserts that in an attempt to bring millions of under-banked Indians to the economic mainstream, they have launched this app.
The new app is already available for download on the Google Play store, while iOS users will soon get the update on the Apple app store. Launched in May 2017, the bank claimed that it “had enrolled over 43 Million saving bank customers. PPB has already issued over 2 Million physical debit cards. In addition, the virtual debit card has been given to all 43 million saving bank customers. PPBL debit card also has an inbuilt security feature of enabling /disabling it just by a single click in the app to secure against misuse of a debit card by any miscreant.”
Furthermore, one will get free banking services and earn an annual interest of 4 percent on their savings. Customers interested in using Paytm Payment Bank app can also deposit up to Rs 1 lakh in their savings account or wallet. If an amount exceeds the limit of Rs 1 lakh, then the amount will automatically be converted into a Fixed Deposit via auto sweep with PPB’s partner bank. This will give customers up to 8 percent 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.
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Speaking on the launch, Satish Kumar Gupta, MD and CEO of 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 a 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.”