About Paytm Wallet to Stop – WhatsApp Hoax

The digital wallet service is moving on from a regular online payment system to becoming a new bank.

“There are some rumours 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,” Paytm said in a blog post.

The message is not true and it one should completely relax as your money will not be blocked or transferred anywhere. The digital wallet service recently announced that they will be converting into a payments bank after receiving a bank licence from the Reserve Bank of India. The said move by Paytm with the user’s account is just a ‘transfer of ownership of wallet to a new company called Paytm Payments Bank Ltd,’ and you have the option to opt out from the Paytm service altogether, if you wish to.

FAQs:

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 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.

Source: WhatsApp message about Paytm to stop working from January 15 is a hoax