The Paytm Payments Bank is finally here for all users, months after it was launched in May. At the time, the bank was launched in beta, and users could only sign up via an invitation based system. Now, with the latest app update to Paytm 6.0.0, the bank is open to all users, on both Android and iOS. As of now, the service is only available through the Paytm apps – you can not sign up via the Web browser, and there are no physical branches where you can sign up yet either.
Ahead of the Payments Bank launch earlier this year, Paytm had created a new corporate entity, the Paytm Payments Bank Limited, which holds both its wallet business, and the new bank business. Although they’re both run by the same company, the payments bank is different from your Paytm wallet.
When you update the app, the first time you open the app you’re greeted by a popup about the bank, and in case you don’t tap on this, you can revisit this screen by tapping on the bank icon on the home page. If you proceed, the app will then ask you to set a passcode for the bank, and ask you to appoint a nominee, which is a pretty simple process. Next, you have to enter your address – if you’ve shopped from Paytm, your saved addresses are shown here, or you can enter a new address. You also have to enter your Aadhaar number, and name as printed on the Aadhaar card, and then Paytm will organise a representative visit to carry out the KYC formalities and create the account. If you’ve already gotten KYC done for the Paytm wallet, this step is done automatically, according to reports.
The whole process is pretty seamless, and you can create an account in minutes…