Paytm, a well known eCommerce company, is in conversation with ICICI Group, ICICI Bank, ICICI Prudential and ICICI Lombard for its banking and insurance ventures. It is also in discussion with Citibank, IndusInd and a few other small-finance banks for banking partnerships.
When it comes to mutual fund partners, Paytm is talking to SBI Mutual Fund and IIFL, as it achieves the last leg of completing its banking, insurance and mutual fund partners for its payments bank operations.
Varun Khullar, Head, partnership division, Paytm, while verifying the growth, said that the company is presently calculating potential tie ups, but none of the partners had been finalized yet.
In the last year, Paytm tied up with the ICICI bank to provide virtual prepaid cards to its wallet customers that can be used to pay for purchases, both online and offline as well.
Vijay Shekhar Sharma, Founder and Chief Executive of One97 Communication that runs Paytm, is one of the 11 companies to get Reserve Bank of India’s permission last year to open a payments bank, and he had wanted to be the first to launch such a bank in the country.
“We want to be the first payment bank in the country. We have the technology with us, have to create simple organizational structure, while people recruitment is on, which is critical,” Sharma, said.