...............The new players will have to take banking solutions to the doorsteps of rural folks using technologies that can process transactions instantly. But why would a customer go to payment banks when post offices exist in every nook and corner of the country? There are over 1.55 lakh post offices and 90 per cent of them are in rural areas. People are also familiar with post office savings product that offers four per cent interest a year and five-year recurring deposits with 8.4 per cent a year. But experts are not amused. "Post offices don't have the technology backbone. The model is brick and mortar, which is a costly way of doing business," says Gupta. People's interaction with post offices is diminishing. "Nobody in metros or urban areas goes to post offices to send letters," says Amit Lakhotia, Vice President (Payments) at Paytm, an RBI-licensed prepaid card provider.........
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