Paytm has announced that it has rapidly scaled its on-ground KYC efforts in line with its goal to be the country’s largest KYC-wallet company.
Keeping in view the recent RBI guidelines on prepaid payment instruments (PPIs) — whereby it has made it mandatory for all PPIs including mobile wallets to get KYC done for their users – Paytm has announced that it has rapidly scaled its on-ground KYC efforts in line with its goal to be the country’s largest KYC-wallet company and will invest $500 million into KYC operations, besides hiring over 10,000 KYC personnel over and above its current workforce of 10,000 in line with its target of reaching 500 million KYC wallets over the next three years.
Paytm claims to have played an important role in democratizing access to digital payments for hundreds of millions of Indians, ranging from small kirana store-owners and micro entrepreneurs to large organized retail outlets. It says that it has expanded its KYC network to every nook and corner of the country and is now getting ready with more than 100,000 banking outlets and KYC points as it scales customer acquisition efforts. This will further facilitate the adoption of the payments bank as consumers will now be able to earn interest on their deposits.
Talking about this, Renu Satti, MD & CEO – Paytm Payments Bank, said, “We are adding another 10,000 new members to our KYC team this year as a part of our expansion plan. This will be the most aggressive KYC expansion in the country that will act as an enabler for hundreds of underserved and unserved consumers to gain access to zero-cost payments and banking services. We are confident this will be our biggest step towards becoming India’s largest KYC-enabled wallet and bank.”
It may be noted that Paytm Payments Bank is India’s mobile-first bank with zero balance-zero digital transaction charge accounts. Owned and governed solely by Indians, Paytm Payments Bank was launched on May 23, 2017 and is headquartered in the National Capital Region.
