Paytm Payments Bank Is Betting Rs 3,000 Crores On Offline Banking Touchpoints

Even as ATM addition has hit the slow lane with banks focusing on e-money, Paytm has decided to invest Rs 3,000 crore on developing a network of 10,000 offline consumer banking touchpoints throughout the country.

The amount, to be invested over the next three years, will help expand the Paytm Payments Bank’s offline distribution network by allowing local partners to act as potential cash-in and cash-out points.

As part of its plan, Paytm is planning to rope in retail shops and mom-and-pop stores to act as its local banking touchpoints. Paytm Bank users would be able to both deposit and withdraw money from savings account using these touchpoints.

Paytm had recently revealed its plan to set up one lakh ‘Paytm Ka ATMs’ across the country to enable its customers to transact on its platform. In the first phase, Paytm has started with 3,000 such points in select cities including Delhi NCR, Lucknow, Kanpur, Allahabad, Varanasi and Aligarh.

The company has also introduced a dedicated Bank section on the Paytm app where it has made available a range of banking services including payments, digital debit card, passbook, help and support among others.

"The Paytm Ka ATM banking outlets is our step towards ensuring every Indian has access to banking facilities. This will enable our customers to visit their trusted neighbourhood outlet to open their bank account, deposit and withdraw cash, in addition to getting their Aadhaar linked," Paytm Payments Bank Managing Director and Chief Executive Officer Renu Satti told PTI in a recent interview.

With inputs from PTI