Previously this year, the digital payment giant in India, Paytm launched its Payments Bank with and revolutionized the traditional banking in the country. Along with the assurance that the service will be made available soon. And now, the Indian giant has made the Payments Banks feature live, all over India.
The feature is live only on the PayTM beta 6.0 APK version of the app. So, you need to get that beta version if you have opened a savings account in the Paytm Payments Bank, to use this feature.
Moreover, you need to be KYC verified user to open any Savings account. This means you have to verify your Aadhaar card and PAN card for you to become KYC verified user. After doing all this, you’ll able to see My Savings Account in the profile section, just tap that, and follow the prompted steps. Then your savings account will be created and you’re all set to use the Paytm Payment bank.
We were not able to find a working download link of the PayTM apk file. However, we will update the article as soon as we find the working download link of the PayTM beta APK.
Another thing to notice is that, the wallet balance is not reflected as your savings balance. Even though the company earlier have acknowledge that issue, but as this is still in beta stage. We should give the company more time, to complete its features and make sure everything is up and running as expected.
With that said, the company is planning to offer 4% interests rate, cash-backs on deposits. And interestingly, they’ll only charge a negligible fee for any online transaction and the minimum average balance required will be low as well.
Paytm is looking to reach up to 500 million customers by the year 2020. Which is a pretty big target; but it is achievable as the popularity of Mobile wallets in the last few years show that the country is ready for modernized banking solutions.