Paytm Payments Bank introduces video KYC facility

Paytm Payments Bank Ltd (PPBL), has today announced the launch of its Video KYC facility. With this, customers can now get their full KYC completed anytime between 9 am and 8 pm, from anywhere through a video call. The convenience of video call for full KYC will help customers stay safe within their homes during the ongoing pandemic.

Satish Kumar Gupta, CEO & Managing Director, Paytm Payments Bank Ltd said, “We have continued with our efforts to bring financial inclusion in our country through innovative use of technology. We are already receiving a lot of interest & inquiries from our users, and are in a process of developing a back-end infrastructure that will enable us to complete up to 15,000 Video KYC requests every day.”

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The Video KYC facility is the latest among a series of new features that PPBL has been launching to make the banking experience more convenient and accessible for its customers. During the lockdown, it introduced ‘Cash at Home’ facility for senior and disabled citizens, which enabled them to raise cash withdrawal requests on their Paytm Payments Bank app, and receive the requested amount at home.

Earlier this year, the bank has also launched a Direct Benefits Transfer (DBT) facility where it allowed customers to raise a request to receive the benefits of over 400 government subsidies directly into their PPBL Savings Account.

Earlier in April, PPBL partnered with Mastercard for the issuance of virtual and physical debit cards. PPBL has announced that it aims to issue over 10 million digital debit cards in FY 2020-21.

"Soon, customers will also have an option to request a physical card, enabling them to do contactless in-store transactions supported by Mastercard's chip-based technology. Additionally, they will be able to withdraw cash at more than one million ATM terminals across most of the world," the statement said.

Being a comprehensive platform for all kinds of funding sources, it claims to have 300 million digital wallets, 220 million saved cards, and 58 million bank accounts on the platform.