Paytm launches mobile banking app in India for Android and iOS

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Paytm Payments Bank has launched a dedicated mobile banking app in order to cater to customers demands. The app will let users check their balance as well as raise requests for physical debit cards and access their digital debit cards. This move from Paytm will make it accessible for users to received help on the go and support directly from Paytm Payments app. Paytm bank is said to clock over 43 million customers in India since its launch in 2017. The app has not yet been available on Android and iOS platform and is expected to debut soon.

As the mobile banking apps go, Paytm has provided an option for users to check their balance and access digital debit card. The app also allows users to raise a request for a physical debit card. Paytm says the app will offer 24*7 help and support.

The Paytm Payments app will be available to download through the Google Play Store on Android. “The new app has been introduced exclusively for its bank’s customers to provide [a] wide range of banking services in a phased manner,” says Satish Kumar Gupta, MD, and CEO, Paytm Payments Bank, in a press statement. “The purpose of [the] 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.”

Paytm Payments Bank was launched in India in 2017 and opened offline KYC registrations for customers in November 2017. It is said to have a customer base of over 43 million saving bank customers who all have been provided with a virtual debit card. According to the company, the bank has issued over 2 million physical debit cards so far.

In January last year, Paytm partnered up with IndusInd Bank o provide a fixed deposit facility to its customers. The bank generally provides an annual interest rate of 4 percent, though it automatically converts the saving account balance into a fixed deposit to offer up to 8 percent interest per annum.

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