Mitra said a lot of work revolving around systems, processes and regulations that banking requires has already been done.
Tech Mahindra, which has been issued the payments bank and prepaid payment instrument (PPI) licenses by the Reserve Bank of India (RBI), is all set to launch its payments bank in the third quarter of the next fiscal, said Jagdish Mitra, chief strategy and marketing officer of the information technology (IT) major.
"We are looking at October-November timeframe (for the launch of the payment bank). We will be ready (by then)," he told dna on the sidelines of the Digital India Summit held in New Delhi.
Mitra said a lot of work revolving around systems, processes and regulations that banking requires has already been done.
According to him, a lot of what is currently being carried out for the company's digital wallet services would eventually be integrated with its payments bank services.
"From KYC (know your customer) that we do for the consumers to the systems needed to maintain the audit to the services that we offer (for the payments bank), they will be a notch above what we do for the wallet business," he said.
Tech Mahindra is among the 11 entities that have won the license to operate a payments bank. The payments bank will be run as a joint venture of the Mumbai-based IT company and the NBFC arm of the Mahindra Group, Mahindra Finance.
Mitra said Tech Mahindra has launched the Mobo-Money, a near feed communication (NFC)-based digital wallet service in Noida, which would be later merged with its payments bank business.
"The idea is to make it (mobo-money) hyper local in terms of the services it offers and payment it makes. Later on, it will be used anywhere. Primarily, this wallet (services) will merge into the payments bank. When the payments bank is launched, these consumers (of digital wallet) services can use the banking facility with it (digital wallet)," he said.
Mitra said the company is looking at three to four similar locations such as Noida to expand its Mobo-Money services and is talking to the government for tying up its wallet services with public utilities payments.
He said among the many government organisations that Tech Mahindra is taking to is Indian Railways, where its Mobo-Money can be used for booking train tickets.
Besides the government utilities, the company is also tapping kirana shops, tea stalls and other such vendors to push its wallet services, which is a NFC-based unique identity tag.
"Anyone can buy the tag from a kirana shop or any other vendors and leverage it as his default debit card," said Mitra.
The company has also come out with a sound-based tag, which uses a unique sound for making payment. The tone tag sends sound frequency from a phone that is received at the point of sale and then the transaction is completed.
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