Fino Paytech is an Indian financial inclusion solutions and services company and has two business lines such as corporate and retail. The company has around 20,000 branch points in rural areas and 10,000 in urban areas, which it intends to take up to 100,000 in next five years.
The payment bank licensee is awaiting RBI approval of its tie-up with state-run Bharat Petroleum Corporation Limited which has acquired 21 % stake in Fino Paytech. The payment banking license allows the company to foray into liabilities by offering deposit facilities and to tap its existing network as well as acquire new customers post launch. Moreover, as part of offering deposits, the company is also looking at issuing RuPay debit cards.
Fino is working on tying up with other payment gateways besides RuPay. There are around 8-10 major gateways such as PayU, Citrus and CCAvenue, among others. The company has already 5-6 million customers on their platform for remittances that they plan to convert into deposits and ATM cards in near future.
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