In the era of advancements, the aspirations of human beings are rising day by day, technology has touched almost all aspects of our lives, so why advance the way we pay. Nowadays people don’t like to carry wallets/ Cash and here a need arise for the applications like PayTm and other similar wallets.
Paytm payment bank may be a trump card.
What is payTm?
Paytm is India’s largest mobile payments and commerce platform that helps you transfer money instantly to anyone at zero cost using the Paytm Wallet.
Just carry your phone and you are able to do all the things which will you do with the help of physical money. Paytm provides you so many facilities such as you will get discount coupons, cashback offers etc. Moreover, we can pay our electricity bill, water bill, gas bill, DTH recharge, institutional fees, datacard etc. We can book movie tickets, flights, hotels, amusement parks, bus, trains, events etc from paytm.
The rise of Paytm payment bank:
Paytm Payments Bank offers a Savings Account with no account opening charges or minimum balance requirements. Keep upto Rs. 1 lac of deposits and enjoy benefits like:
No account fees and charges
Risk-free deposits
Earn interest every month
Paytm has introduced paytm bank that, they claim to be India’s most sincere bank where there is no fear, no greed, no entitlement. We can enjoy the convenience of banking on our phone and no charges for online transactions. we can earn interest of 4 % per annum also.
Possibility of virtual banks replacing the traditional banks
The odds of such an event is rare, taking into consideration, the trust and ground they have gained through decades of services. On top of everything else the traditional banks are upgrading themselves with the technology for instance, almost all banks provide internet banking facility. The ease of doing payment must be augmented with safety of information. Rising cyber crimes and recent attacks of ransomware has left many in dilemma regarding the online security systems. From the above discussion it can be concluded that virtual banks will have to address several concerns before getting concrete grounds.
Will it make our economy cashless?
SBI chief Arundhati Bhattacharya at WIFE 2017, said that she didn’t believe that India is going to be cashless any soon. Indeed demonetization has given a positive push to digital economy but it would be wise to say that India has now become a less cash economy than a cashless one. Virtual banks are expected to promote the same league.
Future of virtual banks
Despite of increasing security concerns, financial institutions can’t deny the fact that consumers want services at their fingertips with sufficient security. As virtual banks address consumer issues they will significantly flourish.
Virtual banks are nothing new but banks with a new medium of delivering services. Their fate rests on their ability to address the consumer experience.
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