New Delhi: Paytm Payments Bank, a digital bank which provides zero balance accounts and zero charges on digital transactions, partnered with the Mumbai Dabbawala Association, the pioneers of home-cooked food delivery.
As part of this association, around 5000 dabbawalas will now be able to collect instant payments for their Dabba service through Paytm QR. Additionally, they will also avail an easy access to banking and other financial services by opening their bank accounts with Paytm Payments Bank.
These dabbawalas can avail personalised banking by walking into banking outlets ‘Paytm Ka ATM’ for easy cash deposits and withdrawals and start earning 4 percent in their savings account and up to 6.85percent in wealth management accounts. These specially branded outlets will play a key role in bringing banking access by ensuring customers find it easy to locate an access point near them.
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“Mumbai dabbawalas have earned global recognition for their impeccable world-class supply chain management. We are glad to simplify payments for their strong network with our Paytm QR and also provide banking services. This partnership enables the dabbawalas to collect instant payments from over 2 lakh Mumbaikars without the complexity of handling cash,” said Renu Satti, MD and CEO – Paytm Payments Bank.
Dabbawala Association President added, “An average Dabbawala covers about 60-70 kms every day and services thousands of households across Mumbai. This makes accepting cash payments a challenge for our colleagues. Paytm QR-based mobile payments will help us continue our legacy of impeccable delivery and service. As India is fast moving towards a digital-first economy, we are excited to bank with India’s largest digital bank.”
Paytm Payments Bank recently partnered with Induslnd Bank to introduce first-of-its kind facility to create a fixed deposit when the customer balance exceeds Rs 1 lakh at the end of day. Customers can redeem their deposits instantly, anytime without paying any pre-closure or miscellaneous charges and earn up to 6.85% annual interest.