So, there is a hell lot of confusion regarding the Paytm Payment Wallet becoming Paytm Payments Bank. Let’s clear the clouds with the following official declaration of Paytm as published in their official website…
Your Paytm wallet will continue to work as it is, and infact, will become more powerful
As per RBI guidelines, your Paytm Wallet will soon be transferred to the newly incorporated Paytm Payments Bank. Till now they were issued by One97 Communications Limited. This will happen automatically, and Paytm users do not need to do anything additional. 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. Log in details, wallet balance and user experience will remain the same. Your 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. You will also earn interest on the money available in your account.
Please note : There are some rumors circulating that you will not be able to use the Paytm Wallet after 15th January! Nothing could be farther from the truth. On the contrary, Paytm Wallet users will soon enjoy additional benefits through Paytm Payments Bank Account.
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.
Q. Can I opt out?
In case you choose not to continue to enjoy the benefits of your Paytm Wallet, please email us at [email protected] 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.