Blog Instamojo
  • MSME News
  • Business Advice
  • Spotlight
  • Team Speaks
  • Product Guides
  • Videos
Social Links
Facebook 40K Likes
Twitter 6K Followers
YouTube 4K Subscribers
LinkedIn 10K Followers
Blog Instamojo The Business Growth Blog
Visit Instamojo
Blog Instamojo The Business Growth Blog
  • MSME News
  • Business Advice
  • Spotlight
  • Team Speaks
  • Product Guides
  • Videos
Home SME News Bite: Payment Banks Decoded (VIDEO)
MMSME News

SME News Bite: Payment Banks Decoded (VIDEO)

  • byRapti Gupta
  • May 8, 2017
  • 1 minute read
Payment Banks
1
Shares
1
0
0
0

Payment Banks are small institutions that enable easy banking. Your phone service provider or digital wallet can become a BANK!

What Can You Do at Payment Banks:

  • Deposit up to Rs.1,00,000 only
  • ATM, Debit Card services
  • Buy Mutual Funds and Insurance
  • Mobile Banking services (transfer money, receive payments etc)
  • No loans or Credit Cards

Should your small business get a Payment Bank Account?

Have you been thinking about getting a payment bank account? Here are the pros and cons of opening an account with payment banks:

The Good

  • If you have 5-6 employees, you can open salary account instead of paying in cash
  • Higher interest rate on savings account – around 7%
  • Simpler KYC norms
  • Banking services at doorstep
  • Risk of fraud low because of capped deposit balance
  • Zero balance account
  • Cashback and discount offers (acts as wallet+bank)

The Bad

  • No credit availability
  • Existing banks already offer services like payment banks (ICICI Pockets etc)
  • RBI can revoke a payment bank’s license fairly easily than a regular bank
  • You cannot make investments via payment bank account.
  • Your mobile number is not your account number. Collecting payments would be a hurdle.

Payments Bank Account – Yay? Or Nay? Tell us what you think in the comments. Want an easier way to collect payments online? Try the Instamojo experience today!


START HERE

  • Tags:
  • Accept Online Payments in 2 Minutes
  • Payment bank account
  • payment bank deposits
  • payment bank features
  • Payment banks
  • what s a payment bank
1 Shares:
Share 1
Tweet 0
Pin it 0
Rapti Gupta

Content Marketer. Serious Nonsense Enthusiast.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

— Previous arcticle

6 Reasons Why Your Business Should Collect Payments Online

Next arcticle —

Twitter Ads: Scoring 14,000 More Customers in 140 Characters

Blog Instamojo
  • YouTube
  • Features
  • Payment Links
  • Smart Links
  • Online Store
  • App Store
  • Pay Button
  • Bank Transfer
  • Convenience Fee
  • Products
  • mojoPayments
  • mojoCommerce
  • mojoXpress
  • mojoCapital
  • Resources
  • Guides
  • eBooks
  • Videos
  • Success Stories
  • mojoVersity
  • Blog Categories
  • Business Advice
  • MSME News
  • Product Guides
  • Spotlight Stories
  • Team Speaks

Coming Up

Powering 1,200,000+ Indian
businesses with payments
and other business solutions.
Instamojo is a free payment
gateway in India. 100% secure
integrated online payment
gateway services, No setup cost,
No maintenance cost. Supports
Netbanking, Credit, Debit
Cards, UPI etc.

  • Features
  • Payments Links
  • Smart Links
  • Online Store
  • App Store
  • Pay Button
  • Bank Transfer
  • Convenience Fee
  • Products
  • mojoPayments
  • mojoCommerce
  • mojoXpress
  • mojoCapital
  • Resources
  • Guides
  • eBooks
  • Videos
  • Success Stories
  • mojoVersity
  • Blog Categories
  • Business Advice
  • MSME News
  • Product Guides
  • Spotlight Stories
  • Team Speaks
About
Press
Contact
Privacy
Terms & Conditions

© 2021, Instamojo Technologies Pvt. Ltd