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With a view to launching its payments bank, Paytm has tied up with US-based FIS Global, for technology, say sources close to the company. The bank may come by the second half of the next year.
Sources added the deal would be worth Rs 150 crore and the contract would span five years. FIS is a Fortune 500 company.
Paytm is a mobile payment and commerce platform owned by One97 Communications. Founded by Vijay Shekhar Sharma, Paytm plans to turn its 120-million wallet users into account holders of its payments bank once it is launched, it is learnt.
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