Talking about her vision to make Paytm Payments Bank the biggest digital bank not only in the country, but also in the world, Satti said the fintech company is getting ready to roll out several other banking products.
“We have moved from digital inclusion to financial inclusion and we are going to the unbanked and under-banked to fulfil our mission,” said Satti.
Satti informed that the company is in talks with several financial institutions to roll out those products that Paytm Payments Bank is not authorised to introduce by itself.
Payments banks are a new concept in India and according to the Reserve Bank of India (RBI) guidelines, these banks have a limit on the amount of deposit a customer can make (currently at Rs. one lakh) and cannot issue loans and credit cards. Payments banks can make facilities like current account, savings accounts, ATM cards, debit cards, net-banking and mobile-banking to its customers.
“Our real commitment is to those who are unbanked or under-banked and we want to offer those products and services and not just a bank account to these customers,” explained Satti. Besides Paytm, there are three other players in the space – Airtel Payment Bank, India Post Payments Bank and FINO Payment Bank.
On asked whether the company will leverage the network of offline retailers being created by Paytm Mall (ecommerce platform) to reach out to potential customers, Satti said the banks would like to leverage the synergy that the entire ecosystem of Paytm provides. “The reason a customer comes to Paytm is because we are involved in her or his life throughout the day. From enabling them to buy milk at a local shop, buy movie tickets online, pay for their child’s education, and more,” said Satti.
Interoperability a boon
Rushing to meet the deadline set up by the Reserve Bank of India to fulfil the new guidelines for prepaid payment instruments (PPIs), Satti said Paytm is in the process of adding 10,000 personnel to complete the KYC (Know Your Customer) requirements within the next 12 months. Paytm claims to have 10,000 personnel already on board.
“We are confident of completing the KYC requirements within the deadline provided by the RBI,” said Satti.
Satti added that RBI’s guidelines for PPIs will not deter users from using wallet services. “Paytm has always been all about convenience. People did not opt for Paytm wallet because there was a problem with their debit or ATM cards, but because of our consumer-centric approach which focussed on convenience,” she added.
Satti also insisted that Paytm stands to only gain from interoperability guidelines and it will help the company meet its target of acquiring 500 million customers in the next three years. The company had recently announced an investment of $500 million for KYC expansion during the next three years.
“Interoperability is good for us. We have five million merchants and interoperability will ensure that other wallet users can now transact with these merchants,” added Satti.