The mobile app will enable customers to check their balances, raise request for physical debits cards, access digital debit cards, etc., with 24×7 help and support.
The new app is latest addition to PPB’s digital banking inclusion effort of a large part of Indian customers. Launched in May 2017, the bank has enrolled over 43 Million saving bank customers and has issued over 2 Million physical debit cards and virtual debit card with the inbuilt security feature of single click enabling /disabling. Currently, the number of digital transactions through PPBL debit cards are twice than that of cash transactions.
Speaking on the occasion, Satish Kumar Gupta, MD & CEO Paytm Payments Bank said, “The new app has been introduced exclusively for its bank’s customers to provide wide range of banking services in a phased manner. The purpose of new app is to segregate its operations from the existing app which caters to customers of several group entities. However, PPB customers will continue to serve its customers on its older app should its customers desire so. Both apps will co-exist.”
The new app is presently available for download on Google Play store and shall shortly be available on the Apple app store as well.
PPB has a highly secure infrastructure and allows its customers to deposit up to Rs 1 lakh in their savings account and/or wallet. Any amount exceeding the limit of Rs 1 lakh is automatically converted into a Fixed Deposit via auto sweep with PPB’s partner bank, which can instantly be redeemed at any time free of charge.