India's Paytm enlists Wipro for payments bank tech platform

India's Paytm enlists Wipro for payments bank tech platform

Indian mobile commerce network Paytm has enlisted Wipro to help it build the technology platform for its forthcoming payments bank business.

Last year Paytm - which is 40% owned by Chinese Web giant Alibaba - was one of 11 applicants to get in-principle approval from the Reserve Bank of India to set up so-called payments banks.

Designed to help boost financial inclusion, payment banks will be able to take deposits of up to Rs 1 lakh, issue debit and ATM cards, and facilitate online transactions, but are not allowed to lend money.

Paytm has given Wipro a one year contract to help it build a core banking system that meets accounting and regulatory requirements and manage integration of things such as anti-money laundering. Paytm will build customer-facing applications itself.

Shinjini Kumar, CEO, Paytm's payments bank, says: "They [Wipro] have a demonstrated track record in banking technology in India that will be important in ensuring that our innovative solutions are integrated with core banking systems in a compliant and secure manner, creating the right platform for service delivery at large scale."

Comments: (1)

Hitesh Thakkar
Hitesh Thakkar - SME - Fintech startups (APAC and Africa) - India 03 May, 2016, 10:00Be the first to give this comment the thumbs up 0 likes

Adventurous decision.

INFOSYS(Finnacle), OracleFinancialservices(i-flex), TCS, FIS, FISERV as well as mid Tier players need to check its Track Record over SI (System Integrator) ( closet can be HP(Finnacle) 7+ PSU banks implementation)