08 Jun. 16, MUMBAI: Mobile Payments and commerce platform, PayTm and Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys announced that the Finacle Core Banking solution has been selected to scale-up PayTm’s new payments bank business. The Modern Application program interface will allow PayTm to integrate its payments bank services smoothly across its existing wallet business.
Paytm will leverage Finacle’s proven platform for its deposit products and payments platform, to facilitate the offerings swiftly.
Commenting on the innovation, CEO of Paytm Payments Bank – Shinjini Kumar said, “After considering multiple core banking solutions, Paytm is happy to announce that we have chosen Infosys Finacle as the core banking solution for our payments bank. With its large deployment base in India including some of the largest banks, Finacle has proven to be a scalable solution and we are confident that it will be able to support our aspiration to be a large and robust platform for small value, high volume transactions for millions of Indians.”
“Payments banks are set to revolutionize the Indian banking space, helping take basic banking services to a huge unbanked and underbanked population in the country. Paytm has played a pioneering role in the growth of mobile payments and e-commerce in India. Backed by our proven solutions and global best practices, we are confident of powering Paytm to deliver banking services in an easily scalable and cost-efficient manner,” said Andy Dey, President – Customer & Operations of EdgeVerve
Founded by Vijay Shekar Sharma, Paytm kick-started as a mobile recharge site and utility bill payment platform in 2010. Being a consumer brand of India’s leading mobile internet company ONE97 Communications, Paytm expanded its offerings with wallet payment and wallet to wallet and wallet to bank transfers for many leading internet based companies like Bookmyshow, Makemytrip, FoodPanda, IRCTC and many others.