Paytm launches payments bank on iOS app

BENGALURU: Paytm on Tuesday launched its payment bank digitally on its mobile app, starting in beta mode on iOS. The beta version will also be available on Android on by later this week.

Paytm Payments Bank was launched in May with a branch in Noida, and the company had said it will expand to 31 branches and 3,000 customer service points in the first year. "Paytm Payments Bank is building India's first world-class digital bank and aims to build a new business model in the banking industry that is focused on bringing financial services to underserved and unserved customers," the spokesperson said.

The bank will offer an interest of 4 per cent per annum for savings accounts, which is lower than what Airtel and India Post are offering. Airtel offers the highest interest rates of 7.25 per cent, while India Post is offering interest rates between 4.5-5.5 per cent. Fino Payments Bank, which started operations last month, is also offering 4 per cent interest rate on savings accounts.

Aditya Birla Nuvo and Reliance Industries are also set to launch payment bank operations soon.