We’re pleased to announce that Paytm Payments Bank has completed second year of operations. Along with this, we are now proud to be India’s first Payments Bank to have turned profitable within its second year of operation, reporting a profit of Rs 19 Crores for the financial year 2018-2019.
We are the leader in mobile banking transactions with over 19% market share, as of March 2019. In addition, we power nearly a third of all mobile banking transactions in India and we also process over Rs 3 Lakh Crore worth of digital transactions on an annual basis.
We are one of the largest players in India not only among payment banks but the entire banking as well. We lead all kinds of digital transactions – UPI, IMPS and mobile banking with a market share of ~32% for UPI transactions alone.
We have a vast array of new age banking offerings, tailor-made to suit the needs of our customers with our free savings and current accounts. We are also the largest issuer of RuPay cards in India with over 45 million customers for the RuPay Platinum Debit card for their account.
Satish Kumar Gupta, MD & CEO of Paytm Payments Bank said,
“Our bank has performed exceptionally well in the last year and has been able to close the year on a high note, making us the first Payments bank in the country to announce profit, that too within two years of its operations. This was possible by the trust of our customers in our services that as of April 2019, we have more than INR 500 crore deposits in our savings account, which makes us the largest payments bank in India in terms of deposits”.
He also added:
“We are aiming to introduce more products and features on our platform to increase the monthly processing of savings account payments from INR 24,000 crores to INR 40,000 crores in FY ’20. After firmly establishing ourselves as India’s preferred payments bank, we are also the leading player for digital transactions in the entire banking industry.”
Our customers enjoy free banking services and earn an annual interest of 4% on their savings with our highly secure infrastructure. Our customers can deposit up to Rs 1 lakh in their account and/or wallet. Any amount exceeding the limit of Rs 1 lakh is automatically converted into a Fixed Deposit via auto sweep with PPB’s partner bank, allowing customers to earn up to 6.5% p.a. The customer can instantly redeem the partial/complete amount from their Fixed Deposit at any time free of charge.
Updated on 15/02/2021