How can Paytm change Banking In India
Dear Sehpaathians
With Paytm, a One97 group company all set to enter banking services as a payment bank from Nov-16. End we are hoping to see a banking transformation change in payment systems in India. In India currently the payments in India are usually done in cash. But with the Paytm new innovative plan to transit payments directly to bank accounts, can bring in generation next in banking. Paytm is already a very big online payment channel with payments of many companies are being routed through them.
Paytm now as a payment bank now show an opportunity to India. It can add their payment options to the poor customer accounts, poor vendor accounts. For E.g. Today You go to a street vendor to buy groceries, the payment option is cash. But just think if A paytm option comes there too and you can directly pay the street vendor through your paytm account using the bar code reader of Paytm App. Here the payment is directly debited from the customer’s account and credited to The Vendor’s account (Through Aadhaar Card Synchronization). This will be one of the most amazing innovations in India till date. As a payment bank Paytm has the capacity and resources to do this. An Aadhaar and internet linked banking channel, where all people have their accounts (irrespective of bank) and payments are directly processed to bank accounts.
If this thought is successful it will be a prove to be a game changer in Indian financial markets and internet market. The problem of carrying money with you is over, everything will be more transparent and will help the country Save millions which are being spend to print currency Notes. This will also make India digitally rocking with more and more people using mobiles for Banking. Going for banks or ATM’s to withdraw cash will not be required. With those banking services, many important facilities like education, social benefit schemes can be taken to places where internet is still unpopular or people are afraid about using it.
We at sehpaathi are looking forward for a better Indian banking channel and are very optimistic on the changes which are about to come to Indian Banking Channel.
