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Paytm Payments Bank announces 100 Millionth KYC Wallet

Isn't your life a bit easier with Paytm Wallet? It's definitely easy hence we are proud to have 100 Million Wallets with us!

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Paytm Payments Bank announces 100 Millionth KYC Wallet

Isn't your life a bit easier with Paytm Wallet? It's definitely easy hence we are proud to have 100 Million Wallets with us!



- KYC completion through authorized KYC points, home visits, and the Paytm app
- KYC processed using valid government-issued various identification documents
- Every KYC customer has a Wallet Account with Paytm Payments Bank


New Delhi, April 23, 2018: Paytm Payments Bank announced today that it now has over 100 million KYC wallets. The bank has been actively educating users about the benefits of KYC and continues to invest in setting up the infrastructure for completing the process. Every KYC customer has opened a Wallet Account with Paytm Payments Bank. Out of 100 million KYC wallets, 76 million are biometric KYC’d.

The bank has received an overwhelming response from its customers and has been processing a huge number of requests. It has introduced several convenient options that includePaytm KYC centers and ‘Paytm-Ka-ATM’ outlets to offer more localized support. Customers can locate these through the ‘Nearby’ section on the Paytm app. The trusted partner agents are also visiting customers to complete their KYC process. Many users have also opted for getting the minimum KYC done through the Paytm app. By completing their KYC, customers can enjoy an increased account limit and can transfer funds to other Paytm wallet and Bank accounts. KYC’ed customers also have a choice to open zero balance account with Paytm Payments Bank. This 100 Million milestone includes both complete and minimum KYC customers.

Paytm Payments Bank understands the diverse needs of its customers and accepts all valid government-issued identification documents. It is also educating its partner outlets and agents to accept all government-issued identification documents for completing KYC, which are not limited to Aadhar.

Renu Satti, MD & CEO - Paytm Payments Bank said, “We are excited to see that our customers appreciate the benefits of completing their KYC and it is evident with the large number of KYC requests that we are receiving. We are doing our best to serve everyone as soon as possible while we continue to set new benchmarks for ourselves. As our commitment to our customers, we will continue to invest further to strengthen the payments infrastructure in our country. We will not stop until we take digital payments to every nook and corner of our country."

Last year, One97’s wallet license was transferred to Paytm Payments Bank which is majority owned and controlled by Indian entrepreneur Vijay Shekhar Sharma. The bank board members include Ex-Executive Director at RBI, P Vijayabashkar and Ex Managing Director at Sriram Group G S Sundararajan. Paytm Payments Bank is owned 51% by Vijay Shekhar and 49% by One97 Communications Limited. Paytm bank has not raised any external funding and is completely funded by Vijay Shekhar and One97 Communications Limited and its subsidiary.

Paytm has been offering seamless multi-source and multi-destination payment solutions through ‘Money Transfers’. The app is also being used to make payments using Credit/Debit Cards, Bank accounts, Paytm Wallet or using Paytm Postpaid to any recipient Bank or Paytm account. The widely accepted QR code is already enabling merchant partners across India to accept unlimited payments directly to their linked bank accounts at 0% fee.

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