5 November 2020, Singapore — Paytm Payments Bank and its technology partner Infosys Finacle received the award for Best Core Banking Technology Implementation at the Middle East and Africa Regional Awards Virtual Ceremony 2020 presented by The Asian Banker.
The core banking project enabled the bank to successfully implement its banking-as-a-platform strategy
Through a modern API-driven solution, the bank was able to easily integrate banking products and services into its existing digital wallet offering and introduce new technologies over the years as a digital bank while reducing integration costs. Paytm capitalised on the emerging digital opportunity in India and served as a one-stop shop for everything from financial services to commerce, entertainment and travel. The platform served as the primary interaction medium across a wide range of services. Moreover, Finacle’s scalability will allow Paytm to meet future growth needs.
The project allowed the bank to build an ecosystem through its unified app for banking, investment and e-commerce
Currently, Paytm is the leading contributor to unified payment interface (UPI) payment system in India. It is also the largest platform for money transfers providing convenient ways to pay rent, salaries, groceries, education and more. It was also able to form strategic partnerships with other financial services players such as ICICI Bank in launching the ‘Paytm-ICICI Bank Postpaid’, and with Induslnd Bank in introducing fixed deposit facility.
The bank achieved growth rates across numerous metrics such as customer base, transactions, and payments volume
Since its inception in 2010, Paytm has evolved from being a wallet company to a full stack payments provider by offering multi-source and multi-destination solutions. As a result, the bank attracts around 10 million users per month, with average transaction value on the platform growing by 50%. Its offline merchant base has grown to nine million from one million in just a year.
“Our partnership with Paytm Bank is indeed very special. In fact, they were one of the first banks in India to start the digital only bank and today stake claim to being the most profitable digital only bank among those who are granted licence. The bank also consistently drives about 30% of the open banking transactions powered by the unified payments interface”, said Ajit Sawant, associate regional manager, South Asia, Infosys Finacle.
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