Paytm has done a little shopping on Amazon … and come away with a new executive for its effort.
The Economic Times of India reported yesterday (Dec. 15) that the mobile payments and commerce platform has brought on former Head of Fashion and Lifestyle at Amazon India Vikas Purohit as a VP who will oversee Paytm’s payments bank business.
Prior to his position at Amazon India (which he held for two years), Purohit, the ET story shares, worked with Tommy Hilfiger, Reliance Brands and Madura Garments for over a decade.
“One key reason to get Vikas on board is that we needed someone who holds both online and offline retail experience,” Paytm CEO Vijay Shekhar Sharma told the outlet.
The report goes on to say that Purohit’s responsibilities as a VP at Paytm will include overseeing the expansion of the platform’s payment bank business from online to offline (via branches and agents).
Before that process can begin, the ET story notes, Paytm will need to receive operational clearance from the Reserve Bank of India (RBI). Paytm was one of 11 applicants (out of 42) that were granted payment bank licenses by RBI in August, allowing it to take deposits, facilitate remittances and distribute payments to recipients. With those abilities (which pointedly do not include lending money), the ET story points out, Paytm becomes an asset for migrant workers who want to send money home.
Other entities that received payment bank licenses from RBI in August were Reliance Industries, Bharti Airtel and Vodafone.