Jio & Airtel to use customer bank to challenge Paytm

Reliance Jio and Bharti Airtel are set to declare war on Paytm — king of mobile wallet business that launched its payments bank in May. The telcos are leveraging their mobile customer base and distribution network in trying to compete with Paytm. 

Jio is already signing up a large number of merchants on its soon-to-be-launched payments bank. It is targeting at least 33 million merchant establishments, a majority of which do not use mobile wallets for making transactions. The upcoming payments bank would be a joint venture with State Bank of India, with the latter having a minority stake.

To get the