Indian mobile commerce platform, Paytm, continues with its plan to start a payments bank and is unfazed by other companies backing out after being granted a licence, Vijay Shekhar Sharma, founder and CEO of Paytm, said.
“There is a strong case for Paytm running a payments bank. We are looking forward to the launch of our bank,” Mr. Sharma said in an interview. A payments bank would help the the Alibaba-backed payments platform to build a scalable financial services company, according to him. “It allows only a few to succeed. The payments business will have two or three players, and not 20,” he added.
