India’s largest mobile commerce platform “Paytm” announced Monday that it will hire around 3,000 employees for its payment banking operations by June of next year.
Amit Sinha, Vice President of Paytm, said, âHiring for Paytm’s payment bank is a key area. We have planned to take on around 3,000 people from banking and non-banking backgrounds such as FMCG, telecoms, consulting, etc. We will draw on the expertise of a wide range of sectors.
Paytm will draw on expertise from a wide range of industries, he added.
Paytm, which received the payment banking license in August, Reserve Bank of India (RBI) has given “in principle” approval to 11 entities to operate payment banks, including Reliance Industries, Airtel M Commerce Services, Vodafone m- pesa, Tech Aditya Birla Nuvo, promoter of Mahindra and Idea Cellular.
The payment bank would also need a significant workforce for fieldwork, and the company will add additional workforce from third-party agencies. The majority of employees will be recruited for roles and technology requirements, the company said.
Payment banks aim to utilize Paytm’s existing mobile wallet user base by offering new services including debit cards, demand deposits, money transfer services, internet banking and internet banking. other specified services. Paytm, the consumer brand of mobile internet company One97 Communications, is funded by Ant Financial Services Group, an Alibaba group, SAIF Partners, Sapphire Venture and Silicon Valley Bank.
They will be allowed to issue ATM / debit cards and other prepaid payment instruments, but not credit cards. They will not be allowed to provide loan services and non-resident Indians will not be allowed to open accounts.