Pay Point India to apply for payment bank license

Wednesday 7 January 2015 09:27 CET | News

Pay Point India, an online payment service provider, will apply to the Reserve Bank of India for a payment bank license.

Started in 2008, Pay Point now has 11,000 touch-points (in the form of mom-and-pop stores, kirana stores and general stores) across the country, where consumers can walk in and make payments or buy subscriptions.

It has four services: utility services that include collection of bills, recharges of telcos and DTH services, ticket bookings of airways, and financial services such as account opening and withdrawal. These services are provided on all three online channels: POS, web-enabled login and mobile applications.

Turning into a payment bank would give Pay Point India flexibility with possible cash-out, no more revenue-sharing with banks and no dependency on banks for approval to roll out services.

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Keywords: PayPoint, India, payment bank license, Reserve Bank of India, online payments
Categories: Payments & Commerce
Countries: World
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