Starting 15th January, Your Paytm Wallet will be transferred to the new Paytm Payments Bank. Please note that all the Paytm wallet users can continue to use all the services provided by the Paytm Wallet.
All your Credentials, Paytm Wallet balance, and user experience will remain the same. With the incorporation of Paytm Payments Bank, you can also avail additional benefits such as bank account, cheque book, and a Paytm Debit card.
You will also earn interest on that money that is stored in the Paytm Payments Bank. PPBL (Paytm Payments Bank Limited) is 51% Owned by Vijay Shekhar Sharma (CEO), and the rest ownership is with the One97 communications Ltd.
Paytm Payments Bank – FAQ
1. What Happens to the Money in my Paytm Wallet?
The Money in your Paytm Wallet will be transferred to the Paytm Payments Bank Limited. Also, there will be no transfer charges.
Please note that your money will be safe in the Paytm Wallet and you can have acesses to it 24/7. The balance in your current Paytm Wallet will reflect in your new Paytm Payments Bank Wallet.
In case, your Paytm Wallet has been inactive for the past six months, and you have zero balance in your wallet, It will not be transferred to the Paytm Payments Bank.
2. Will I get a Bank account with Paytm Payments Bank?
No, This is just a transfer of ownership of the wallet to a new company called Paytm Payments Bank Ltd. You will also be given an option to open a seperate bank account.
3. Can I move my money to any other bank from Paytm Payments Bank Wallet?
Yes, you can easily and quickly send money to any bank account from your Paytm Payments Bank Wallet.
Please note that it is not mandatory to open and account with Paytm Payments Bank to use their wallet.
In case, you do not want to continue to use your Paytm Wallet, contact Paytm customer care at [email protected]