Mumbai: The newly-launched Paytm Payments Bank is set to add over 1 lakh ‘Paytm ka ATM’ banking outlets across India to expand the reach of its banking services to the entire country.
It has committed Rs 3,000 crore over the next three years to expand offline distribution network by allowing trusted local partners to act as potential cash-in and cash-out points.
These ATMs will be neighbourhood shops, which would act as business correspondents for Paytm and offer services like opening saving accounts, depositing and withdrawing of money.
In the first phase, Paytm has started with 3,000 ATM points in select cities including Delhi NCR, Lucknow, Kanpur, Allahabad, Varanasi and Aligarh.
These specially branded outlets will play a key role in bringing banking access to smaller cities and towns by ensuring that customers find it easy to locate an access point near them. With over 170 million savings and wallet accounts, Paytm Payments Bank aims to build a new business model in the banking industry that is focused on bringing financial services to 500 million un-served or underserved consumers across India.