Moneycontrol
Dec 05, 2017 06:30 PM IST | Source: Moneycontrol.com

Paytm unveils its ATM, to invest Rs 3000 crore in offline distribution network

In the first phase, Paytm has started with 3,000 "Paytm Ka ATM" points in select cities including Delhi-NCR, Lucknow, Kanpur, Allahabad, Varanasi and Aligarh.

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Softbank-backed Paytm on Tuesday unveiled its ATMs or partner outlets where customers can open bank accounts, deposit cash and withdraw money. It plans to invest Rs 3000 crore over the next three years to expand these offline-distribution networks by allowing local stores to act as potential cash-in and cash-out points.

It plans to add 100,000 "Paytm ka ATMs" across India to the current strength of 3,000 approved outlets.

The company launched its payments bank last month. It offers zero charges on all online transactions and no minimum balance is required for holding an account.

In the first phase, Paytm has started with 3,000 "Paytm Ka ATM" points in select cities including Delhi-NCR, Lucknow, Kanpur, Allahabad, Varanasi and Aligarh.

These outlets feature local banking correspondents who help customers in depositing and withdrawing money from their Paytm Payments Bank account, making banking simpler and more accessible for one and all.

"The Paytm Ka ATM banking outlets is our step towards ensuring every Indian has access to banking facilities. This will enable our customers to visit their trusted neighbourhood outlet to open their bank account, deposit and withdraw cash, in addition to getting their Aadhaar linked. We believe this hyper-local model of banking will play a crucial role in enabling hundreds of millions of under-served and un-served customers to gain access to quality banking services," said Renu Satti, managing director and chief executive officer, Paytm Payments Bank.

These outlets are expected to be playing a key role in bringing banking access to smaller cities and towns by ensuring customers find it easy to locate an access point near them.
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