The Paytm company will soon make a shift from the paytm wallet to the paytm payments bank as per the earlier notification released by Paytm on December 6. However, the customers are baffled as to what will happen to their wallet and their money once the shift is made.
Paytm wallet use after December 21
Even though the company has released a set of FAQs in an attempt to subside any rumours regarding the upcoming shift, however, that doesn’t serve the purpose much since the intricacies of the move remain unexplained.
In its blog, it stated, “As per the directions of the Reserve Bank of India (RBI), One97 Communications will be transferring its wallet business after receipt of necessary approvals to the newly incorporated Paytm Payments Bank Limited (PPBL)”. For the moment no separate bank account will be opened, but there is just “a transfer of ownership” as the blog post states.
Regarding the use of Paytm wallet, it said that the user does not need to open a Paytm bank account in order to continue using the its wallet.
“In case you choose not to continue to enjoy the benefits of your Paytm Wallet, please email us at email@example.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.”