Your Paytm Wallet Won’t Work After December 21

Yes, it is true that your Paytme wallet is not going to work in the same way as it does today, after 21 December. But fret not. Its not a bad news for you. In fact, it will work in a better way than now, and it may give you more benefits than it offers now.

So, what’s deal?

The deal is after 21 December, your current Paytm wallet will not work if you do not move your wallet to the company’s payments bank. And if you do not transfer, you may not be able to use your money. You, though, will have the option to get it transferred to your bank account.

Well, if you have a Paytm wallet and you have been using this at least for the last six months, the company is going to upgrade your digital wallet to its payments bank. With this you will get added advantages of a payments bank, like you may earn interest on your deposits, along with all the existing facilities of the Paytm wallet.

The company on Monday said its moving all its wallet customers to its payments bank, though the company is yet to get the final approval from the Reserve Bank of India to start offering payments bank services.

“As per the directions of the Reserve Bank of India, One97 Communications Ltd will be transfering its Wallet business after receipt of necessary approvals to the newly incorporated Payments Bank entity, Paytm Payments Bank,” a company statement said.

What it necessary means is your current Paytm wallet will become a Paytm bank account, and you will get more benefits than you are getting at present now.

However, the company needs your consent to do so. Though it will automatically convert all the Paytm wallets or you can Paytm accounts, to its Payment bank accounts, but if you want to opt out of this, you can do so.

“Your current Paytm wallet will now move to the Paytm Payments Bank Limited in the same capacity i.e. KYC Wallet as KYC Wallet and minimum detail KYC Wallet as Minimum detail KYC Wallet if we do not receive any communication from you against the same before December 21, 2016,” the company said.

Means, if you want to continue with Paytm, do let the company know it so that they can move your wallet account to the new payments bank account, which may give you more benefits than what you are enjoying now.

And if you do not want to do this, then you have the option to get the money deposited in your Paytm wallet transferred to a bank account of your choice. You need to write to the company with your bank account details so that Paytm can transfer your money to your account.

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