Paytm Payments Bank Goes Live For Public With the Paytm Beta 6.0 Version

Earlier this year, digital payment major, Paytm launched its Payments Bank with features at par with a traditional bank in the country. Paytm, in May 2017, said that the Payments Bank will be live for customers later this year. All these days, Paytm took interest from customers who’re looking for a saving account in its Payments Bank.

However, the Paytm Payments Bank is now live for the customers across India. Although, the service has been made live only in the Paytm Beta app. Yes, you heard it right. Paytm users who want to open a savings account in the Paytm Payments Bank should download the beta version of the Paytm app of version 6.0.

paytm-payments-bank-1

Also, do make a note that a user can open a savings account in Paytm Payments Bank only if he’s a verified user by Paytm. The user must have verified his Aadhaar card and PAN card before opening a savings account. If your account is not KYC verified, then the Payments Bank won’t show up in the application.

I have downloaded the application (Paytm beta v6.0) and am already a KYC verified user of Paytm. So, the application successfully allowed me to open a savings account without any hassle.

So, right after installing the Paytm beta v6.0 application, log in with your credentials, and head over to the profile section. In the profile section, you can clearly see the My Savings Account menu. Just hit that and follow the steps.

After going through all the steps, your Paytm Payments Bank savings account will be successfully created, and you will be assigned a virtual Paytm Payments Bank RUPAY card. Having said that, the savings account number is your mobile number.

In the Payments Bank section, there are three tabs- summary (which shows the entire paytm summary), Wallet (paytm wallet summary), and Savings Account (which shows all the related info about the Paytm Savings account).

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It is a bit surprising that Paytm did not merge the wallet and savings account, even though I notified Paytm to merge wallet and savings account in May 2017. Paytm confirmed that Paytm wallet business will merge into Paytm Payments Account, meaning all your money will be moved to the savings account.

Moreover, when we tried to use the assigned RUPAY debit card of Payments Bank, the transaction was unsuccessful. Maybe the company is still working on the virtual debit card feature. In addition, it seems like the feature is still in beta stages, and the company did not reveal anything about the roll out of Payments Bank service to the public as of now.

Besides this, Paytm Payment Bank will be offering 4% interest rate and cashback on deposits, zero fees on online transactions and zero minimum balance. The company is targeting to acquire 500 million customers by 2020.

As of now, there’s no info on whether Paytm is opening KYC centres to make it easier for customers in opening a savings account. Paytm plans to offer current accounts facility to merchants. It plans to open 31 branches and 3,000 service points in the first year itself.

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30 Comments on "Paytm Payments Bank Goes Live For Public With the Paytm Beta 6.0 Version"

 

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Debu
August 29, 2017 12:27 am 12:27 AM

I gave a kick to paytm. PhonePe and Freecharge all the way.. airtel payments bank good too.

Pallab
August 30, 2017 9:26 pm 9:26 PM

@Debu Agree with you. Freecharge is way better than Paytm. The web interface of Paytm is so heavy and cluttered it takes forever to load on a slow connection. On the other hand Freecharge web interface so smooth and fast that you
can recharge with a 2g connection.Usin freecharge for 1 years not not even a single transaction failure. Freecharge all the way………………

Hari
August 28, 2017 11:12 pm 11:12 PM

I got it.

Screenshot_20170828-231036.png
hddhdb
August 28, 2017 9:14 pm 9:14 PM

can i use the virtual card …..for netflix payment ?anybody can verify it ? if yes the it will be deal a deal breaker

Sandy
August 29, 2017 8:32 am 8:32 AM

It is based on rupay. Just check in netflix for the payment gateways they have.

Arena
August 28, 2017 10:22 pm 10:22 PM

Virtual card is equal to real card. You can do everything except physical use.

hddhdb
August 28, 2017 11:28 pm 11:28 PM

naah we can’t do “everything” one cannot pay via virtual card unless it support international payments like entropay…..

Arena
August 29, 2017 3:59 am 3:59 AM

Visa, master supports international payments…..but they are not activated bcz to add more security….HDFC netsafe virtual card does support international payments.

Visa/ master from SBI don’t has same access like visa/master from HDFC/ICICI/Axis. For added security SBI just kill the transaction even it’s OTP authicated depending on time of transaction..

So everything is not same to say “one cannot pay via virtual card ”

It’s more dependent on who the issuer is.

sumit
August 29, 2017 12:57 pm 12:57 PM

that additional layer of security yoy are talking about happen for real debit card due to the policy
virtual credit card don’t have these …. don’t go off topic to pretend to be right
doesnt change the fact

siddu
August 29, 2017 5:56 pm 5:56 PM
@sumit what arena said was rite… Both master and visa cards support international payments… Till date no international site supports rupay cards… RBI has directed banks to issue emv cards for international usage as most of the international sites don’t follow the 2fa authentication…!! It differs from bank to bank… some banks have blocked international usage where the user needs to activate it eg: hdfc netbanking you will have option to active international usage… Cards like Indian bank emv MasterCard’s come pre-activated… Hdfc virtual cards its one time process… Refund would be issue in virtual cards… As per RBI all… Read more »
sumit
August 29, 2017 7:01 pm 7:01 PM

i never said it was wrong i said it applies doesn’t apply to virtual card ….you just wasted your time

hddhdb
August 29, 2017 12:53 pm 12:53 PM

don’t contradict yourself by saying something at first then saying another on the second comment

August 28, 2017 10:15 pm 10:15 PM

Most probably it won’t work. Though in 2 months from now RBI will release UPI 2.0 which will have a feature called e-mandate, this will allow you to directly authorise Netflix to charge your bank account every month for your subscription fee without the need for any Debit or Credit card. Just make sure you create a virtual payment address (VPA) of your account to be able to use UPI and take advantage of e-mandate.

hddhdb
August 28, 2017 11:26 pm 11:26 PM

thx man looking forward for Upi 2.0

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