Paytm Soon To Be Transformed Into a RBI Registered Bank Paytm Payments Bank

Paytm, one of leading e-wallet firms in India, is all se to merge its wallet business into the newly incorporated Paytm Bank entity following the receipt of necessary approval from the Reserve Bank of India, a media report said on Monday.

Image Source - Paytm

As per the RBI guidelines, your Paytm Wallet which helped you a lot while demonetization will soon be transferred to the newly incorporated Paytm Payments Bank. Till now they were being issued by One97 Communications Limited, which was the parent company of Paytm.  This transformation will happen automatically, and Paytm users need not to do anything additional. Its 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. The Log in details, wallet balance and user experience will remain as same as before it does. Your Paytm Wallet experience will remain the same for all current use cases such as paying at stores, paying for Uber rides, ticketing, bookings, fuel, etc. 

Image Source - Paytm

The news dont stop here itself, we have an another great news for Paytm users. That is, Paytm Payments Bank will also soon bring additional benefits such as a bank account, Cheque Book and a Debit Card. You will also earn interest on the money available in your account.

Paytm Payments Bank Limited (PPBL) is 51% owned by Vijay Shekhar Sharma (Founder) & 49% ownership is with One97 Communications Ltd. Paytm Payments Bank is a truly Indian company owned & operated by Indians.

The company also has been stated that "If the customer chooses not to use the Paytm wallet, he/she could send emails to their customer care emails ids and notify the company of opting out. The balance in the wallet could then be redeemed by a one-time transfer to their own bank accounts."

NOTE - There are some rumors stating that you will not be able to use Paytm Wallet. Dont believe in such rumors, they are completely fake...

Image Source - Paytm

FAQs : 

Q. What happens to my current Paytm Wallet?

ANS. 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 Pa ytm Wallet?

ANS. 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?

ANS. 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?

ANS. 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?

ANS. You are not required to open an account with Paytm Payments Bank to use the wallet.

Q. Can I opt out?

ANS. 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 not ify 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?

ANS. You do not have to pay any fee for this transfer.



Article By @ Atul Agrawal, Sr. Technical Writer @ Geek Winky