Tuesday
May 28
2019

Paytm Dispels the Notion That Payments Banks Can’t Be Profitable in India

By Nupur Anand

India’s most popular digital wallet has hit a home run again.

After two years of starting operations, Paytm’s payments bank has become the first such business in the country to become profitable. For financial year 2018-19, Paytm Payments Bank (PPB) posted a profit of Rs19 crore ($2.7 million), it said in a statement yesterday (May 23).

“We have more than Rs500 crore deposits in our savings account, which makes us the largest payments bank in India in terms of deposits,” said Satish Kumar Gupta, managing director and CEO of PPB. The bank also said it looks to introduce more products and features on its platform, and increase the number of transactions processed in savings accounts from Rs24,000 crore in the last financial year to Rs40,000 crore in financial year 2020.

Photo courtesy of Meena Kadri.

Source: Quartz India (link opens in a new window)

Categories
Finance
Tags
banking, banks, digital payments, emerging markets, financial services, fintech