India's financial services major Paytm is eyeing a major pie in the banking landscape by adding over 1 lakh ‘Paytm ka ATM’ banking outlets across the entire country.
The leading digital wallet provider has committed Rs 3,000 crore over the next three years to expand offline distribution network by allowing trusted local partners to act as potential cash-in and cash-out points.
“The Paytm ka ATM banking outlet is our step towards ensuring every Indian has access to banking facilities,” said Renu Satti, MD at Paytm Payments Bank. “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.”
These ATMs will be neighbourhood shops, which would act as business correspondents for Paytm and offer services like opening saving accounts, depositing and withdrawing of money.
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.