The entity, Paytm Payment Bank, is expected to become the second biggest revenue source by 2018 for the parent company, One97 Communications, after the core payments business.
Vijay Shekhar Sharma, the founder of the bank, has mentioned for dealstreetasia.com the bank’s growth main strategies. In 2016, the bank plans to grow its business in 12 cities in North-East and central India. Smaller markets such as parts of Bihar, Madhya Pradesh and Uttar Pradesh will also be included. The bank also intends to promote cross-selling banking products. Paytm Payment Bank expects loans, insurance and wealth management to drive most of its revenue, the site continues.
Paytm Payment Bank will partner with non-banking finance companies, banks and insurance firms to offer these products. Sharma declined to disclose the names of partners.
The bank targets 200 million accounts, across mobile wallets, current accounts, savings accounts, within 12 months of launch and half a billion accounts by 2020.
Technology partners include: Infosys and Wipro, which run the core banking software.
Also, Paytm is expected to bring forth its marketplace business into a separate mobile app by August 2016. The news comes at a time when Paytm’s investor Alibaba is set to launch its operations in the country this year.
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