In 2015, Paytm received a license from the Reserve Bank of India to start India’s first payments bank. The bank intends to use Paytm’s existing user base to offer new services, including debit cards, savings accounts, online banking and transfers, in order to enable cashless transactions. Paytm is an Indian e-commerce company headquartered in Noida, India. It was launched in 2010 and is owned by One97 Communications, India’s leading mobile Internet company. Paytm, an acronym for “payment through mobile”, was
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