India’s mobile payments and commerce platform Paytm has joined hands with Wipro to create the requisite technology infrastructure for its upcoming Payments Bank business.
According to a press statement, Wipro will be implementing the core banking solution for Paytm and also programme managing the integration of other key systems like the anti-money laundering solution and the regulatory reporting solution. It will also put in place and manage the data centers for the Payment Bank.
Speaking on the association, Shinjini Kumar, CEO Designate – Paytm Payments Bank said, “Technology is an integral part of the value proposition we seek to create for customers of our upcoming bank and we are happy to announce that we will be partnering with Wipro.”
“ We are a young and agile organization and the Wipro team has demonstrated the agility and flexibility that will be necessary to make this partnership meaningful,” she added.
Paytm received its in-principle approval to set up a Payments Bank in August last year.Payment banks can accept demand deposits and savings bank deposits from individuals and small businesses, up to a maximum of Rs 1 lakh per account.
Non-resident Indians cannot bank with these ventures, which also cannot disburse loans. However, they can sell mutual funds, insurance and pension products as well as facilitate payments and remittances with a focus on the unbanked segment like migrant workers.
