Mobile payments and commerce platform, PayTm has joined hands with IT giant Wipro to create the requisite technology infrastructure for its upcoming Payments Bank business. Wipro will be implementing the core banking solution for Paytm. It will also programme managing the integration of other key systems like the anti-money laundering solution and the regulatory reporting solution.
Wipro will play a crucial role in helping Paytm interface its existing systems with the core banking solution. It will also put in place and manage the data centers for the Payments Bank in order to ensure smooth functioning of the new unit.
Speaking on the association, Shinjini Kumar, CEO Designate – Paytm Payments Bank said, “They have a demonstrated track record in banking technology in India that will be important in ensuring that our innovative solutions are integrated with core banking systems in a compliant and secure manner, creating the right platform for service delivery at large scale.”
Soumitro Ghosh, President, India & Middle East Markets, Wipro Limited said, “PayTm is making steady strides towards its larger vision of financial inclusion in the country. Its Payments Bank is another step in this direction and we are happy to partner with them in their endeavor.”
PayTm has lately been aggressively hiring executives for its payments bank. It aims to recruit 1500 people over the next 12 months. In addition to the CEO Shinjini Kumar, who joined in March, the company recently also recruited seven senior executives to strengthen top management of the payment bank.
PayTm was among the 11 companies who got a license to open a payments bank by RBI in August last year. It has plans to invest Rs 1,200 crore in the payments bank during the first three years. It will set up nearly 20 signature branches; 200 smaller store-like branches; and at least 1,000 agents for the bank.
Although its initial target of launch in April this year got delayed, it would still remain ahead of others to launch the service. PayTm payments bank is expected to be officially launched in August this year. It will be initially launched in Meerut region of Uttar Pradesh and neighbouring areas and later expanded to Central India and North-East.