Paytm has formally launched its Payments Bank today, and at a press conference in Delhi right now, Paytm founder Vijay Shekhar Sharma shared some numbers: 28 crore registered users 18 crore wallets Rs 250 crore annual transactions 50 lakh merchants...going to touch 60 lakh in a few months time. Rs 80,000 crore annual transaction value, and should be doing 100,000 lakh crore by the end of the year. In addition to this, Paytm Payments bank has 120,000 biometric devices and is doing 250,000 KYC. "Aadhaar has been a boon for us," Sharma said at the press conference, "because the cost of KYC has gone down." Paytm currently has 1.3 million UPI customers, within two weeks of its launch - when they haven't rolled out to everyone - and Sharma said that they'll bring 6 million merchants on UPI within a year. IMPS on Paytm Payments Bank is in beta. "We are doing 2.5 Lakh (250,000) IMPS transactions per day, and have 9% of IMPS market share transactions within 3 months. We expect to be one of the largest IMPS and UPI users in the country," Sharma said. There are no transaction fees on online transactions, and Sharma said that this is not just a launch offer. There will be no online transaction fees for a consumer in perpetuity. In addition to this, Paytm is launching a Zero Balance account, and said that they'll never charge for a zero balance account ever. For deposits, there's a 4-7% interest rate on savings account, and…
