An Indian entrepreneur and Founder of Paytm, Vijay Shekhar Sharma is the boss of India’s biggest digital wallet. Born in Aligarh, Uttar Pradesh, Sharma cites Alibaba’s Jack Ma as his inspiration. He shared his thoughts of the launching of payments bank by the company and making it a hit.
Recently at a Leadership Summit in Mumbai, Vijay sounded confident of a good distribution channel for cash flow and says their focusses will be on women to increase the ban’s reach.
The Launch of Payments Bank: The official launch of the payments bank will happen before February 28 this month. They have been approved the license from the RBI and are waiting for some approvals which are in process. At first, they are working on setting up a good distribution channel for cash flow give and take.
Special focus on Women: With an exceeding population of 1.2 billion in our country and 200 million households, the company wants to cash in on the needs of women. This bank has a special focus on women and at places where banks have not yet reached.
The bank’s ultimate aim is to make 500 million customers: The company’s intention is not only to make a bank but also keen in wealth management. A consumer’s Paytm savings account will be connected to his wealth management account. The consumers earn interest, whether they receive money via salaries or payments.
Banks fundamental business model allows customers to earn deposits at a lower cost and can convert them into assets. On the contrary, Paytm will not use those assets and hence they give more and more returns to the customers.
The company intends to raise INR 1000 crores for its marketplace business Paytm e-commerce Pvt., Ltd., and from independent investors.