Paytm, India’s largest mobile payments and commerce platform has joined hands with Wipro Limited (NYSE:WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company to create the requisite technology infrastructure for its upcoming Payments Bank business.
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. Wipro will play a crucial role in helping Paytm interface its existing systems with the core banking solution. It will also put in place and manage the data centers for the Payment Bank in order to ensure smooth functioning of the new unit.
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. They have a demonstrated track record in banking technology in India that will be important in ensuring that our innovative solutions are integrated with core banking systems in a compliant and secure manner, creating the right platform for service delivery at large scale. 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.”
Soumitro Ghosh, President, India & Middle East Markets, Wipro Limited said, “Paytm is making steady strides towards its larger vision of financial inclusion in the country. Its Payments Bank is another step in this direction and we are happy to partner with them in their endeavor.”
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.