Paytm Payments Bank Arrives With Latest Paytm Beta

The notion of mobile payments firms offering banking services isn’t exactly new, but it is a comparatively recent development. One such effort started up just a short time ago as Paytm brought out its Beta 6.0 version. With that new Beta version, users in the region get access to the new Paytm Payments Bank for the first time.

It’s not exactly the launch many users were likely hoping for, but the arrival of Paytm Payments Bank with Paytm Beta 6.0 will likely at least start to fill a need in the region. Users interested in taking advantage of Paytm Payments Bank will, at last report, need to be verified by Paytm to use the service. Both the PAN card and Aadhaar card will need to be verified, the reports note, and then users will be able to open a savings account with Paytm Payments Bank.

On the plus side, word is that the interface is surprisingly easy to use once all the necessary regulatory hoops have been jumped through, and everything else is a simple matter of following a few directions.

Odd discrepancies have shown up, according to users of the Beta version; for instance, reports note that Paytm did not in some cases merge the wallet and the savings account, despite customers setting up such procedures as far back as last May. However, Paytm did note that eventually the mobile wallet will merge completely into Paytm Payments Account, which will accomplish this notion for every user. There are also reports that the RUPAY debit card connected to Paytm Payments Bank is occasionally out of action.

It’s important to note that this is part of a Beta release, so there’s bound to be some bumps in the road. A Beta release is actually supposed to have a few issues, because the Beta is where such issues are ironed out. Sure, it should be functional, but if some transactions don’t work or something isn’t as connected as it should be, that’s part of a Beta.

Still, it’s clear Paytm’s making the jump, and that’s good news for its users. Now it will be that much easier to set up a savings account, and ultimately provide access to banking functions for the region’s unbanked citizens.