Paytm Payments Bank, the banking arm of popular online payments platform Paytm, has announced the launch of its dedicated mobile banking application for Android as well as the iOS platform. The new Payments Bank app will allow customers to have seamless and secure access to all basic banking services.
The app is a part of the company’s digital inclusion drive and will enable customers to check balance, request for debit cards, access digital debit cards and get 24/7 support from the bank. The company has also revealed that it has issued over 20 lakh physical debit cards. Also, it reveals that the virtual debit cards have been issued to all 4.3 crore savings account holders.
Commenting on this, CEO of Paytm Payments Bank, Satish Kumar Gupta said, “The purpose of a new app is to segregate its operations from the existing app which caters to customers of several group entities. However, PPBL will continue to serve its customers on its older app should they desire so. Both apps will co-exist.”
Paytm launched its payments bank services back in 2017 after RBI granted permission to the applicant companies to launch their own versions. It provides an annual interest rate of 4 percent, though it automatically converts the saving account balance into a fixed deposit to offer up to 8 percent interest annually.
The Paytm Payments Bank app is now available for download from the Google Play store and will soon be available on the Apple App Store as well.