{"id":5986,"date":"2017-05-08T08:23:43","date_gmt":"2017-05-08T08:23:43","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=5986"},"modified":"2021-06-08T02:16:24","modified_gmt":"2021-06-07T20:46:24","slug":"sme-news-bite-payment-banks-decoded","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/sme-news-bite-payment-banks-decoded\/","title":{"rendered":"SME News Bite: Payment Banks Decoded (VIDEO)"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Payment Banks are small institutions that enable easy banking. Your phone service provider or digital wallet can become a BANK!<\/span><\/p>\n<h2>What Can You Do at Payment Banks:<\/h2>\n<ul>\n<li><span style=\"font-weight: 400;\">Deposit up to Rs.1,00,000 only<\/span><\/li>\n<li><span style=\"font-weight: 400;\">ATM, Debit Card services<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Buy Mutual Funds and Insurance<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Mobile Banking services (transfer money, receive payments etc)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">No loans or Credit Cards<\/span><\/li>\n<\/ul>\n<h2>Should your small business get a Payment Bank Account?<\/h2>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/reJCreDyC14\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>Have you been thinking about getting a payment bank account? Here are the pros and cons of opening an account with payment banks:<\/p>\n<h3>The Good<\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If you have 5-6 employees, you can open salary account instead of paying in cash<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Higher interest rate on savings account &#8211; around 7%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Simpler KYC norms<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Banking services at doorstep<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Risk of fraud low because of capped deposit balance<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Zero balance account<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Cashback and discount offers (acts as wallet+bank)<\/span><\/li>\n<\/ul>\n<h3><strong>The Bad<\/strong><\/h3>\n<ul>\n<li><span style=\"font-weight: 400;\">No credit availability<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Existing banks already offer services like payment banks (ICICI Pockets etc)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">RBI can revoke a payment bank\u2019s license fairly easily than a regular bank<\/span><\/li>\n<li><span style=\"font-weight: 400;\">You cannot make investments via payment bank account.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Your mobile number is not your account number. Collecting payments would be a hurdle.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Payments Bank Account &#8211;\u00a0<\/span><span style=\"font-weight: 400;\">Yay? Or Nay?\u00a0<\/span><span style=\"font-weight: 400;\">Tell us what you think in the comments. Want an easier way to collect payments online? Try the Instamojo experience today!<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><a class=\"mb-button mb-style-flat mb-size-default mb-corners-default mb-text-style-default \" style=\"background-color: #2bc470;\" href=\"https:\/\/www.instamojo.com\/?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=home_page\" target=\"_blank\" rel=\"noopener\">START HERE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Payment Banks are small institutions that enable easy banking. Your phone service provider or digital wallet can become&hellip;\n","protected":false},"author":5,"featured_media":5988,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[383,805,808,807,804,806],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SME News Bite: Payment Banks Decoded (VIDEO) - Blog Instamojo<\/title>\n<meta name=\"description\" content=\"Want to know if you should get a payment bank account for your small business? 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