FINO PayTech gears up for payments bank launch; announces strategic tie-up with Snapdeal

Mumbai, 15th September, 2015: Partnerships will define payments banks. In line with this thought, FINO PayTech is in the process of building associations with players who can complement FINO’s network and reach with their product offerings.

As the payments eco-system evolves and the banking landscape undergoes a paradigm shift, Payments bank licensee FINO PayTech and Snapdeal have today announced another strategic tie-up after coming together last year to offer assisted ecommerce services.

The partnership will leverage the existing retail presence of FINO and the proposed payments bank wherein FINO will provide services, products, technology to enable the payment ecosystem to be offered to customers of Snapdeal.

Making the announcement, Mr. Rishi Gupta, CEO & MD, FINO PayTech, said "Having associated with Snapdeal for assisted e commerce services, we now look forward to cement our relationship as we venture into payments bank space. We are pleased to collaborate towards creating a payment ecosystem that will provide endless possibilities to Snapdeal customers through financial products and services offered by Payment Bank."

In addition to the assisted ecommerce, customers can now avail a host of services such as opening of Payment Bank wallet, recharging wallet by cash at physical outlets of FINO, and making payments for other services.

FINO PayTech has already tied up with Snapdeal for assisted ecommerce, Yatra for travel booking and Tata Indicash for ATMs. These associations have helped in providing immense value to FINO’s customer base who largely comprise of low income households in urban and rural areas. This segment is largely unbanked, making them a potential customer base for payments bank.