Payments bank

Okay, let's try to explain what payments bank is using simple and easy to understand words. Imagine you have a piggy bank at home where you keep your pocket money. Now, a payments bank is somewhat similar to that piggy bank but it's for grown-ups like your parents.

A payments bank is a type of bank that allows you to store your money and use it for transactions like buying something online or paying bills. However, unlike traditional banks, payments banks cannot give loans, credit cards, or provide investment opportunities.

But, the good thing about payments banks is that they make it really easy and convenient to use your money. You can easily transfer your money from your bank account to your payments bank account through your phone or computer. Plus, payments banks usually have lower fees and charges compared to traditional banks.

In summary, a payments bank is like a safe and efficient way to store and use your money without the need for a traditional bank account.