Wallet ‘curtain-raiser’, payments bank will be ‘show’, says Paytm

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Paytm founder and CEO Vijay Shekhar Sharma on Friday said that the company’s mobile wallet business was a curtain raiser and the payments bank would be the fundamental show.

“We ought to be a bank (payments bank) by this month-end. Wallet was a curtain raiser for our business. Payments bank will be the show,” said Sharma.

Precluding rivalry with block and concrete customary banks, he said that the organization does not have to contend with them.

Paytm focuses to achieve a client base of 500 million by 2020.

Post-demonetisation, Paytm saw a surge in its clients inferable from the digitalisation push by the government.

Including that start-ups presently being recognized as plans of action, he stated, “With Start-up India, it is being praised. Ability is coming in, to work toward the new businesses,” he said.

Sharma said that technology can’t be undermined and in the following two-three years the nation ought to have 400-500 million smartphone clients.

“Smartphones have not contacted individuals since telecom netrwork at… spots was not there. It’s an issue of telecom system, not of expenses or technology,” he said.

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