The banking service, PPBL (Paytm Payments Bank Limited) on Thursday announced that is has introduced a mobile banking app which offers users effortless, quick, and secured access to their accounts on the go. This mobile app will enable consumers to check their bank balances, raise the request for debit cards, access digital debit cards and others.
Consumers could also get 24×7 help & support from the mobile banking application. This app will be available on both the Apple App Store and Play Store.
Currently, the PPBL has enrolled more than 43 million saving accounts of bank consumers. Bank has already issued more than 2 million debit cards. Furthermore, virtual debit cards have been delivered to over 43 million saving bank consumers.
The Paytm Payments Bank Limited’s debit card has a number of inbuilt security features which are able to enabled or disabled just by a single click to prevent any misuse of a bank account. It is important to note that, the digital transactions done through PPBL physical debit cards are two times higher than cash transactions.
“The new app has been launched exclusively for our bank’s consumers to provide a variety of banking services in a phased manner. The main purpose of this new app is to separate its operations from the previous app, which caters to consumers of various group entities. However, bank customers will continue to serve its consumers on its existing app should its consumer’s desire so. Both apps will co-exist.”, said Satish Kumar Gupta, CEO, and MD of PPBL.
PPBL consumers get to benefit from free banking services and receive an annual interest of 4% on their savings. Paytm Payment bank currently has an extremely secure infrastructure and allows consumers to deposit up to One Lacks in their wallet or saving accounts. Any amount above Rs. 1 lacs is automatically transferred into a Fixed Deposit through the auto sweep of PPB’s partner bank.