Paytm targets 500 billion users by 2020
Paytm targets 500 billion users by 2020

Digital payment firm, Paytm, has launched its payments bank on Tuesday with 4% annual interest rate on saving accounts deposits.

The company plans to open 31 branches and 3,000 customer service outposts within the first year of operations. It also targets to bring 500 billion users on its platform by 2020.

To get the initial set of users on board it will give cashbacks to the first one million account holders.

Paytm Payments Bank accounts will initially be available on an invite-only basis. In the first phase, the company will roll out its beta banking app for its employees and associates.

Customers can request for an invite on the bank's website or on the Paytm iOS app. The invite-only limitation will be applicable for the first six months.

Paytm is the third payments bank in the country after Airtel and India Post.

 

 
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