India-based mobile-first financial services provider Paytm announced it would spend $500 million on infrastructure to widen the footprint of its payments bank into under-banked regions.
In a blog to announce the nationwide availability of its full banking service, which launched in several regions in May, the company said the investment would be used to create customer service centres across India.
The new sites will help consumers collate and submit the data needed to open an account and ensure Paytm complies with Know Your Customer regulations. Through its payments bank, it aims to increase financial inclusion in India and bring 500 million people into the mainstream economy.
“India is at the cusp of a financial revolution,” Paytm founder and CEO Vijay Shekhar Sharma said adding access to financial services will also create jobs.
Paytm Payments Bank offers saving accounts and other traditional financial services. In the first four months since its beta launch it attracted 10 million customers.
Parent company One97 Communications also runs one of the country’s largest mobile payment wallets and e-commerce website under the Paytm brand.
During 2017 company representatives have repeatedly voiced the aim to become a leading player across all financial services in India.