Software major Infosys Ltd would provide its core banking solution Finacle to e-commerce platform Paytm for its payments bank business, the firm said on Wednesday.
“Paytm will leverage Finacle for its deposit products and payments platform, enabling it to roll out innovative offerings,” the outsourcing firm said in Bengaluru.
The flagship banking product is part of the company’s subsidiary EdgeVerve Systems.
The application programme interfaces of Finacle will enable Paytm to integrate payments bank services to its wallet business at a reduced cost and simplify its banking operations.
“Our premier product will enable Paytm to offer a bouquet of current account and savings-based products and services, besides wallet offering,” the statement noted.
Finacle’s scalability will allow Paytm to meet growth needs and manage expansion in the scale of its operations.
“We have chosen Finacle as it is a scalable solution for small value, high volume transactions for millions of customers,” Paytm Chief Executive Shinjini Kumar said in the statement.
With 126-million user base across the country, Paytm is on a mission to put half-a-million citizens on way to use mobile payment banking services cost-effectively.
“Payments banks are set to revolutionise banking space, helping the un-banked and under-banked. Paytm also pioneered the growth of mobile payments and e-commerce in the country,” EdgeVerve President Andy Dey said.
Infosys Finacle to power Paytm banking