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Paytm wallet convert into Paytm Payments Bank

paytm payments bank

Seems like, Demonetization in India overnight became a golden opportunity for the e-commerce giant Paytm. Because of demonetization of the currency, there is the acute shortage of cash in hand as well as in Banks. Due to the shortage of cash, many shopkeepers and even street vendors are switching over to Digital payment method for regular transactions.

Paytm is the most advanced and friendly platform to send or receive digital payments. Just by scanning a QR code, you can pay for almost any services may it Taxi, shopping, petrol, even for street food. These days Digital payment through PayTm wallet became a trend in India as there is no option because of demonetization of old currency.

Due to the current scenario, it became a GOLDEN PERIOD for Paytm. To make it even GOLDEN, Paytm now moving to Paytm Payments Bank from Paytm wallet.

One97, the firm that owns PayTm are now restructuring their business model and now converting their Paytm wallet into Paytm Payments Bank. Basically, Paytm is transferring it’s Paytm wallet business to newly incorporated Paytm Payments Bank Limited (PPBL)

paytm payments bank

RBI had earlier awarded “In-principle Payments Bank license” to founder and CEO of One97 Communications, Vijay Shekhar Sharma.

Paytm is still in process of getting all the license from Reserve Bank of India. Vijay Shekhar owns 51% stakes in Paytm. That is why it is now regulatory requirements that Vijay Shekhar Sharma will own majority shares in Paytm Payments Bank Limited (PPBL) too. One97 would be the holder of 49% of shares.

This PPBL idea would definitely push a common man to use digital payment for regular transactions. Let’s see how PPBL helps a common man in fighting with the demonization problem.

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Hey, I am Jayant, founder of this Blog. Being a tech enthusiast, I love to learn & share more about tech. You will either find me with my laptop or with the Guitar or be watching movies or with a book, basically, I am an Introvert.