Paytm Payments Bank launches mobile banking app for its customers
The mobile app will enable customers to check their balances, raise a request for physical debits cards, access digital debit cards, etc.Tarush Bhalla
Paytm Payments Bank Limited (PPBL) on Thursday said that it has launched a mobile banking app that offers users quick, effortless, and secured access to their bank account on the go. The mobile app will enable customers to check their balances, raise request for physical debits cards, access digital debit cards, etc.
Customers will also be able to receive 24x7 help and support through this mobile banking app.
The app will be available on both Google Play Store and Apple App Store.
Launched in May 2017, currently the bank has enrolled over 43 million saving bank customers. PPBL has already issued over two million physical debit cards. In addition, virtual debit card has been given to all 43 million saving bank customers.
The PPBL debit card has inbuilt security features that can be enabled or disabled just by single click in the app to secure against any misuse. It is pertinent to note that the number of digital transactions through PPBL debit cards are twice than that of cash transactions.
On the launch of mobile banking, Satish Kumar Gupta, MD and CEO Paytm Payments Bank said in a statement,
“The new app has been introduced exclusively for its bank’s customers to provide wide range of banking services in a phased manner. The purpose of 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 customers enjoy free banking services, and earn an annual interest of four percent on their savings. PPBL currently has a highly secure infrastructure, and allows its customers to deposit up to Rs 1 lakh in their savings account or wallet. Any amount exceeding the limit of Rs 1 lakh is automatically converted into a Fixed Deposit via auto sweep with PPB’s partner bank, allowing customers to earn up to eight percent interest on the amount. The customer can instantly redeem the desired amount in their FD at any time free of charge.
In the last week of February, PPBL also announced the launch of its zero-balance current account facility. This move was aimed towards small and medium enterprises (SMEs), which do not have access to free current accounts. The current accounts were also made available to individuals, sole proprietors, SMEs, and large corporates, who could deposit money an unlimited number of times without incurring any charges.
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.