Paytm, India’s most prominent online payment service provider, is planning to launch its payments bank in August with 20 million account holders. Paytm has already received a payments bank licence.
The bank will be a new entity, where 51 per cent of the shares will be held by promoter Vijay Shekhar Sharma and the remaining shares will be split between the existing wallet company and another group firm.
The challenge in converting these customers into account holders is to complete the ‘know your customer’ process, which presently requires a personal interaction and collecting identity and address proof.
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