PayTM is planning to launch its payments service anytime now, and the build-up to that is getting even faster. Earlier Vijay Shekhar Sharma announced plans for a new company to lead payment businesses, once the company received the required Payment Bank License from RBI. Now to lead that new business, it has roped in Vikas Purohit, former director of fashion at Amazon.
Vikas worked for close to 2 years at Amazon leading its fashion and lifestyle business — which makes me question the relevance of hiring a solely lifestyle focused professional to lead a payment business. Anyways, moving on — prior to that, he worked companies such as Tommy Hilfiger, Reliance Brands and Madura Garments for total of more than 10 years.
At Paytm, Vikas will be looking after the expansion of payment bank business offline through branches and agents once the Reserve Bank of India gives operational clearances.
While asked about hiring Vikas Purohit, CEO and co-founder of PayTM, Vijay Shekhar Sharma said that the major reason to get Vikas on board was the experience of him with both – online and offline channels.
Earlier, in August this year, RBI granted payment bank licenses to 11 out of 42 applicants, which also included PayTM, along with Reliance Industries, Bharti Airtel and Vodafone. With the payment bank license, the companies can now take deposits, convey remittances and dispense payments to recipients. But, they are not allowed to lend money to their customers.
Vijay Sharma had earlier revealed that his company will spin-off all of its payments related service under a new subsidiary named PayTM Payment Bank Ltd. for the payments business which will handle all of the company’s payments businesses including existing services like Paytm wallet.
The battle for the leading startups in India has moved forward from the money raised to the talent acquired. The companies are hiring experienced personnel as a part of its senior management team to scale the startup to another level.