New Delhi: Mobile payments firm Paytm is set to offer a wide range of new services in insurance, wealth management and loans through its new payment bank. Vijay Shekhar Sharma the founder of Paytm told “Amongst other services, the bank will offer customers the option to invest as little as Rs 1 in a money market fund, buy daily insurance to underwrite movie tickets or buy travel tickets at nominal costs.”
Sharma said the bank will retain the Paytm brand name and identity when it is launched after receiving final regulatory approval. Last year, the Reserve Bank of India granted “in-principle” approvals to 11 applicants including Paytm, Reliance Industries, Bharti Airtel , and Vodafone among others to set up payment banks.
At the backend there will be tie-ups with other banks and financial institutions. Paytm will allow customers to move money to an instrument where it will earn more than it earns in their savings account but the extra element is that it will be available when needed at that instant.