Paytm Payments Bank: Everything You Need to Know

After more than a year’s delay, online mobile wallet major Paytm would finally launch its payments bank on May 23.

One 97 Communications, the parent company of digital payments provider Paytm is preparing to merge its wallet service with the eponymous payments bank.

“We are in the process of launching Paytm Payments Bank on 23rd May. We recently got approval from RBI for Renu to be the CEO,” said a Paytm spokesperson.

image source: thequint.com

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Paytm Payment Bank:

As per RBI guidelines, your Paytm Wallet will soon be shifted to the newly organized Paytm Payments Bank. Till now they were issued by One 97 Communications Limited. This will happen automatically, & Paytm users don’t need to do anything further. Our customers will continue to use all the services given by the Paytm Wallet, & enjoy all the benefits. Your Paytm wallet will work as it is, also after 15th January. Login details, wallet balance & user activity, will continue the same. Your Paytm Wallet activity will remain the same for all current use cases such as paying at stores, paying for ticketing, fuel, Uber Rides, etc.

Not just that, Paytm Payments Bank will also soon gives additional benefits such as a bank account, chequebook &  a debit card. You will also earn interest on the available money in your account.

Paytm Public Notice:

We are delighted to let you know that we have received the final licence for Paytm Payments Bank from RBI & are in the process of launching on 23 May, 2017. Renu Satti will be the CEO of Paytm Payments Bank.

The hub mission of Paytm Payments Bank will be to provide to the requirements of the un-served & under-served communities of India, & give them to the mainstream market. We are looking forward to making Paytm Payments Bank available to all our users very soon .

What happens to my money in the Paytm Wallet?

Your money is completely safe in the Paytm Wallet. It is always yours & you will never lose it. If you have any balance in your current existing Paytm Wallet, it will show in your new Paytm Payments Bank Wallet

If your Wallet has been inactive for the last 6 months & has 0 balance, it won’t be shifted to the Paytm Payments Bank Wallet unless you individually give assent for the same while in the app, website or by email.

FAQs (Frequently Asked Questions)

Q. What happens to my current Paytm Wallet?

A. It will be transferred to the Paytm Payments Bank Limited automatically.

Q. Does this expect, I get a bank account with Paytm Payments Bank?

A. No. This is just a transfer of ownership of paytm wallet to a new company called Paytm Payments Bank Limited.

Once we launch the paytm bank, you will be provided with an option to open a separate bank account with us.

Q. Can I transfer my money to any other Bank from Paytm Payments Bank Wallet?

A. Yes, you would be capable of sending money to any bank account from your Paytm Payment Bank Wallet.

Q. Is it compulsory to open an account with Paytm Payments Bank once it is launched, to continue using the paytm wallet?

A. You are not needed to open an account with Paytm Payments Bank to use the wallet.

Q. Do I have to pay any fees for this transfer?

A. You don’t have to pay any charge or fee for this transfer.

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