Paytm which is the largest player in India’mobile payment has partnered with
Wipro, one of the largest players in the Indian IT sector. Wipro would provide the required technical infrastructure for the Paytm's upcoming payments bank business.
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| Photo source: Paytm (Facebook Page) |
As per the reports, Wipro would be implementing the core banking solutions along with an integration of other key systems like anti-money laundering and the regulatory reporting solutions for Paytm. Besides this, Wipro would also put in place and manage the data centres to ensure the smooth functioning of Paytm’s new payment bank business.
Payment banks can accept demand deposits and the saving bank deposits from individuals and small businesses, up to a maximum of
Rs. 1 lakh/ account. Paytm had received the in-principle approval to set up payment banks in the August of 2015. The new business of Paytm is expected to be rolled out in the second half of 2016, it is expected that Paytm is planning to
hire 3000 people for the new wing of their business.
This step is certainly one of its kind association between a Startup and one of the largest MNC’s in the IT sector. Considering the dynamic nature of Paytm and the proven expertise of Wipro to handle large sets of data and regulatory/ accounting mechanisms, this new amalgamation would surely be an interesting thing to watch out for.
Article by Sudhanshu Ghosh
