Rumours about Paytm Wallet shutting down not true; you’ll now earn interest on money in your account

By: | Updated: January 10, 2017 8:30 PM

Soon after the Modi government's demonetization drive, digital wallets became a craze among people willing to go cashless.

paytm account, paytm walletOne97 Communications Ltd, the owner of Paytm app, in a blog post said that this is not true. On the contrary, Paytm Wallet users will soon enjoy additional benefits through Paytm Payments Bank Account.

Soon after the Modi government’s demonetization drive, digital wallets became a craze among people willing to go cashless. And Paytm Wallet was one among the highly-used wallets. However, people using the Paytm Wallet seem a worried lot now, particularly in view of the rumors circulating currently that they won’t be able to use the Paytm Wallet after 15th January.

However, One97 Communications Ltd, the owner of Paytm app, in a blog post said that this is not true. On the contrary, Paytm Wallet users will soon enjoy additional benefits through Paytm Payments Bank Account.

In fact, as per RBI guidelines, one’s Paytm Wallet will soon be transferred to the newly-incorporated Paytm Payments Bank. Till now they were issued by One97 Communications Ltd. This will happen automatically, and Paytm users do not need to do anything additional.

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“Our customers will continue to use all the services provided by the Paytm Wallet, and enjoy all the benefits. Your Paytm wallet will work as it is, even after 15th January,” the sources said.

According to them, log in details, wallet balance and user experience will remain the same. Users’ Paytm Wallet experience will remain the same for all current use cases such as paying at stores, paying for Uber rides, ticketing, fuel, etc.

Not just that. Paytm Payments Bank will also soon bring additional benefits such as a bank account, chequebook and a debit card. Users will also earn interest on the money available in their account.

It may be mentioned here that Paytm Payments Bank Limited (PPBL) is 51% owned by Vijay Shekhar Sharma & 49% ownership is with One97 Communications Ltd. Paytm Payments Bank is an Indian company owned and operated by Indians.

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The company also released some FAQs for the benefit of readers. Here they go:

Q. What happens to my current Paytm Wallet?
A. It will be transferred to the Paytm Payments Bank Limited as it is, i.e. KYC Wallet as KYC Wallet and minimum KYC Wallet as minimum KYC Wallet

Q. What happens to my money in the Paytm Wallet?
A. Your money is absolutely safe in the Paytm Wallet. It is always yours and you will never lose it. If you have any balance in your current Paytm Wallet, it will reflect in your new Paytm Payments Bank Wallet
If your Wallet has been inactive for the last six months and has zero balance, it won’t be transferred to the Paytm Payments Bank Wallet unless you specifically give consent for the same while logging into the app, web or by e-mail.

Q. Does this mean, I get a bank account with Paytm Payments Bank?
A. No. This is just a transfer of ownership of wallet to a new company called Paytm Payments Bank Ltd. Once we launch the bank, you will be given an option to open a separate bank account with us

Q. Can I move my money to any other Bank from Paytm Payments Bank Wallet?
A. Yes, you would be able to send money to any bank account from your Paytm Payment Bank Wallet.

Q. Is it mandatory to open an account with Paytm Payments Bank once it is launched, to continue using the wallet?
A. You are not required to open an account with Paytm Payments Bank to use the wallet.

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Q. Can I opt out?
In case you choose not to continue to enjoy the benefits of your Paytm Wallet, please email us at care@paytm. com or log in to Paytm. com/care to notify your choice of opting out and redeeming your balance by a one time transfer to your own bank account. Do indicate the account holder’s name, account number and the IFSC Code of the Bank where you wish to redeem the money.

Q. Do I have to pay any fees for this transfer?
A. You do not have to pay any fee for this transfer.

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