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Paytm Payments Bank got Final Nod From RBI: Operations will start From February

Paytm Payments Bank got final approval from RBI. This is a big news for the company. They are formally going to launch its payments bank and start its operations in the next month.

Vijay Shekhar Sharma, the founder of Paytm and One 97, said “Today, Reserve Bank of India gave permission to launch Paytm Payments Bank formally. We can’t wait to bring it in front of you.”

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He also said exactly three years ago in 2014 paytm has launched as the mobile wallet, now it became the category leader and changed the way India pays.

To everywhere this paytm is spreaded, from villages to cities, from corner vegetable stalls to milk booths, small shops to large retailers, everyone accepted the new way to pay by Paytm.

He also said paytm payments bank aim is to build a new business model in the banking industry which is focused on bringing financial services to millions of Indians.

Mostly in February they will start operations. In 2015, RBI had given ‘in-principle’ approval to Vijay Shekhar Sharma, to set up a Payments Bank along with 10 others.

At present Airtel is the only company to start its payments bank. Aditya Birla Idea Payments bank will start their operations in the first half of 2017.

Paytm digital wallet is also one of the parts of paytm payments bank. Mr. Sharma will hold 51% and One 97 communication will hold 49%

How to Transfer Money From Paytm to Any Bank Account

This payment bank sets a target to reach 200 million accounts within one year from the launch. By 2020 their aim is to touch the half a billion accounts. At present, paytm have 150 electronic accounts.

In this bank, they will sell products, loans, wealth management and insurance to drive revenues. These payment banks do not lend themselves directly, and they can do banking on cross-selling bank products through partnerships.

MobiKwik Lite Wallet App launched for 2G internet connections

MobiKwik has introduced Lite wallet app for providing 2G internet connections in poor connectivity regions. This app is very lite, and its size is under 1 MB. The main aim of launching this app is to provide internet connections in slow Internet areas.

This MobiKwik Lite Wallet app is optimized to work smoothly on 2G edge connections. It is meant for unorganized shopkeepers and retailers to start quickly accepting payment wallets. In our country they are many rural regions which don’t support for internet connection. This app is used in such areas.

Check out the Top 10 Mobile wallets in India to make Online Transfers

As an effect of demonetization every payment is going on cashless but what about the rural areas which have no proper internet connection. So, they have launched this MobiKwik Lite Wallet app. Any person who wants to download can give missed call to 80971-80971 from any Android smartphone, then immediately they will receive the app link. It will download in less than 30 seconds time even on 2G/EDGE connection.

Bipin Preet Singh, the co-founder of mobiKwik, said “In our country, many people don’t access digital payments due to poor internet connections. So we have launched this Lite e-wallet app, it is available in all major Indian languages, and it also works with any internet connectivity.

This app is compatible with Android v2.3 and IOS. By this app, you can receive payments, bank transfer, P2P transfer, bill payments and recharge. As they said, it also works on offline. It works on EDGE connections and in slower connections to make digital payments easily.

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Features in MobiKwik Lite wallet app

  • It is just under 1 MB size
  • Download with 1 missed call
  • Single step OTP login and does not require any email id
  • It is compatible with Android v 2.3 and above
  • It has English and Hindi user interface
  • It supports receive payment, bank transfer, P2P transfer, bill payments and recharges