Paytm Payments Bank, which recently started its operations in the country, has announced that it has witnessed around 10 million sign-ups for the bank account during the beta phase.
The sign-ups for bank accounts accounts for a fraction of Paytm’s, which has a total of over 200 million wallet customers. However, the company says that it has not been pushing for signups aggressively.
The service was launched through its mobile application around a couple of weeks ago. Paytm Payments Bank was launched in May and has a branch in Noida. It plans to expand to 31 branches and 3,000 customer service points in the first year.
Renu Satti, CEO of Paytm Payments Bank, said,
Paytm customers are already using Paytm Wallet of Paytm Payments Bank. We have not pushed consumer beta for our savings account sign up aggressively, and 10 million organic sign ups without any marketing on a limited rollout is a very encouraging response.
The payments bank unit of Paytm has recently received investment of around Rs 60 crore from the company’s founder Vijay Sharma and the parent company One97 Communications.
Paytm Payments Bank offers 4 percent interest on savings accounts, which is low when compared with Airtel’s Payments Bank which offers a 7 percent interest rate.
The company has already started issuing RuPay debit cards to the customers. This move from the company comes as it plans to enable users to spend money from the account at places where Paytm is not directly accepted as a payment method.
Paytm is also looking forward to partnering with various universal banks in order to expand its offerings in the financial services.