To open a wealth management option for the Paytm Payment Bank customers, Paytm Money will now enable investment for the bank customers seamlessly. Bank customers, who are as of now currently more than 42 million in number, will be able to make their account the primary bank account on the Paytm Money.
Explaining the process bow it will work, the company said that the users need to electronically verify their bank account, enter their Paytm Payments Bank credentials for the bank account details like the password and mobile number. Furthermore, it needs to be much more validated by the four-digit passcode on the Paytm app. This is a onetime process, and subsequent transactions can even be carried out with the four-digit passcode to validate the same.
“With this integration with Paytm Money, we introduce our customers to mutual fund investments, and it is in line with our larger goal for financial inclusion,” said Satish Kumar Gupta, chief executive officer, Paytm Payments Bank.
Pravin Jadhav, the Executive Director at Paytm Money said that this would be one of the many following integrations of the mutual fund’s platform into the Payment ecosystem. The company also claims to have already crossed a million of users.