Paytm Payments Bank

[amish]

For us, payment bank is nothing but normal bank just that we can not keep more than 1lakh in it.

It may / may not have real branch in our area

It can offer debit cards, netbanking etc.

It can not offer loans, credit card.

I have a feeling that Paytm is going to fail horribly because RBI has too much restrictions.

 

[mhsabir]

Well Airtel, Paytm already have a customer base. They just need to translate them into bank accounts successfully. Airtel is already attempting offering more interest rates.. They will probably try something like sweep facility offered by banks (they would in my opinion)... Keep money in savings accounts & get interest..anytime wallet is low, load money from bank to wallet (automatic or manual) - continue using wallet like you used to be before.

 

[Sushubh]

yup. i moved to yes bank coz of higher interest rates. i was getting 7% initially but now its down to 6%. if Paytm or any other payments bank offer me higher interest, i would probably get an account even though it would apply on a maximum of Rs. 1 lakh.

 

[Sushubh]

got a call from Paytm people. i thought they had launched and they wanted to know if i wanted to apply. turns out it was a useless call. the guy had no idea about what they are going to offer. first he told me that paytm would offer same interest as regular banks. i pointed out that banks offer interest ranging from 4% to 7%. he said we would match the interest of sbi type banks. then i pointed out, airtel is offering 7.25%. then he said that of course, we would match competition's interest as we would not want to lose customers to them. i asked him about debit card, he said there would be a virtual debit card that would allow me to pay on stores where paytm wallet is not an option. i asked him about cash withdrawals, he said that i would be able to transfer funds to other account for withdrawal through their ATMs. what a waste of time.

 

[amish]

I was about to post the same!

I got the call too. But I did not hear anything properly. He kept saying things ... I am like "ok ...ok ..ok"

In the end I said - I do not want additional bank account.

And he said thank you and hung up! (politely)

 

[Sushubh]

Source


may 23.

 

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[Sushubh]

Paytm to start payments bank operations from May 23

After May 23, the Paytm wallet will move to PPBL. In case consumers do not wish for that, they have to inform Paytm, which will in turn transfer the wallet balance to the consumer’s bank account once such details are shared. Such communication will have to be made before May 23.
In case the wallet has been inactive with no activity in the last six months, the transfer to PPBL will only happen once the consumer gives specific consent.

 

[mhsabir]

No info released yet about charges & stuff?

 

[Sushubh]

Paytm Payments Bank set to launch on 23rd May – Paytm Blog

The core mission of Paytm Payments Bank will be to cater to the requirements of the un-served and under-served communities of India, and bring them to the mainstream economy. We are looking forward to making Paytm Payments Bank available to all our users very soon .

lol. they would push all their existing wallet users to banking and yet they claim this bullshit.

 

[Sushubh]

Source


so they are actually going to have ATMs with fingerprint reader?

 

[dextermorgan]

^ India's most sincere bank they claim.

But there's an entry in my passbook deducting 326.11 rs towards "prepaid hybrid flow order'

I don't remember ordering anything that day nor I can see any email stating the purchase. I've sent them 4 mails till now. Their stupid customer number don't allow questions regarding orders older than lastest 3 orders in passbook,

This is pissing me off

 

[Sushubh]

 

[Sushubh]

the app was updated earlier today with the changelog that one can now request to get a bank account. the feature does not seem to be visible inside the app yet.

i wonder if modi ji makes an appearance in the full page newspaper ads that Paytm probably has rolled out today.

 

[Navjot Singh]

No Ad in Hindustan Times. I am guessing ad will be released once its open for everyone.

 

[Citrus]

Paytm Payments Bank to pay 4% on savings account

Only 4% interest on demand deposits. Airtel offers 7.25%.