Paytm Money opens up to over 42M customers as it integrates with Paytm Payments Bank
Paytm Payments Bank on Thursday said it will allow its 42 million customers to now invest in mutual funds through Paytm Money, the wholly-owned wealth management subsidiary of One97 Communications Limited, that operates Paytm.
In a statement, the company said that following an integration, Paytm Payments Bank users would now be able to make their account the primary bank account on Paytm Money, and it will be the default choice for investment and redemption of mutual fund investments.
Speaking on the integration, Satish Kumar Gupta, MD and CEO, Paytm Payments Bank said,
“Paytm Payments Bank is in a mission to facilitate delivery of banking and financial services to every Indian. With this integration with Paytm Money, we introduce our customers to mutual fund investments and it is in line with our larger goal for financial inclusion.”
To pay for an investment using Paytm Payments Bank, a user needs to first electronically verify their bank account. Post this, the user must enter their Paytm Payments Bank credentials for the bank account (mobile number and password) and validate the payment using the 4-digit passcode on the Paytm app. This is a one-time process and subsequent transactions can be carried out using the 4-digit passcode to validate the same.
Pravin Jadhav, Whole-time Director, Paytm Money said,
“We are excited about working with the Paytm Payments Bank team to bring the convenience of investing in mutual funds by enabling net banking and UPI for their customers. This is first of many integrations we expect to bring by deeply integrating with the Paytm ecosystem.”
Last month, Paytm Money claimed it had crossed the one million users mark.
Recently, it enabled mutual fund investment through UPI, a Register SIP Now and Pay Later option, consolidation and tracking of all mutual fund investments, and many other features to improve the experience of investing.
Paytm Money has partnered with 35 Asset Management Companies (AMCs). The company is headquartered in and operates from Bengaluru with a team of more than 250 members. In future, it aims to become a full-stack investment and wealth management services company and bring wealth creation opportunities for millions of Indians.