Paytm aims to create world's largest digital bank

Paytm is targeting to become the world's largest digital bank. The Noida-based payment service platform declared an online-based provider of financial services ranging from wealth management, credit cards, insurance and stock trading.

Paytm aims to create the world's largest digital bank that serves more than 500 million accounts. The company founded by Vijay Shekhar Sharma in 2010 already has the largest digital wallet service in India where it targets people who do not have access to traditional financial services.

Tinuku Paytm aims to create world's largest digital bank

"We are launching money market funds, launching debit cards and allowing large companies to open business accounts.Well payments are our entry point to become a vertically integrated financial services company," Sharma said on Wednesday.

Paytm Payments Bank is majority owned by Sharma's One97 Communications and is backed by Alibaba's Ant Financial which holds 49 percent of the shares. The bank grew out of Paytm's digital wallet already has more than 100 million users.

"We will soon launch a service of stock trading and insurance products.We want to become a financial services company in the internet era. Providing insurance and investment services through our products and widely accessible through payment banks," said Sharma.