Paytm Payments Bank can become the largest digital bank in the world: Renu Satti

Paytm payments bank

Harbouring lofty ambition, Paytm Payments Bank is eyeing global opportunity. The Alibaba-funded company is confident to acquire a major market share in domestic market and has an aim of becoming world’s largest digital bank through a suite of banking and financial products.

“Paytm Payments Bank can be the biggest digital bank not only in the country but also in the world,” said Renu Satti, CEO of the company while sharing her vision about the payments bank.

Paytm is currently in talks with several financial institutions, to launch new banking products.

Being a payments bank Paytm isn’t authorised to launch various products, however, it has partnered with other entities for introducing new products.

Payments banks have a limit on the amount of deposit, and cannot issue loans and credit cards. Satti also claims that so far 10 million customers have shown interest in banking with Paytm.

Currently, Paytm claims to have an active customer base (wallet users) of over 110 million. The company had earmarked $500 million in customer signups, building a network of know-your-customer (KYC) kiosks, and introducing new financial products.

The Paytm Payments Bank has set a target to open 200 million accounts across current and savings account, and mobile wallets by May next year. It has also proposed to set up 31 branches, 33 controlling offices and 3,000 access points by March 31, 2018.

“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,” added Satti.

As per RoC filing, Paytm Payments Bank has posted a loss of Rs 30.7 crore between August 2016 and March 31, 2017. The filings reveal that during August 2016 – March 2017, the company made Rs 2.47 crore as revenue.

In May this year Paytm had raised $1.4 billion from Softbank at a valuation of $7 billion. The investment was one of the largest fund-raising events for any internet company in the country.

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