Paytm on Tuesday denied rumours that people’s money will be frozen after January 15 as it transforms into Paytm Payments Bank.
“Your Paytm Wallet will continue to work as it is even after January 15. Rumour of it not working post-January 15 is fake,” said Vijay Shekhar Sharma, the founder of Paytm.
The company said that as per RBI guidelines, Paytm Wallet will soon be transferred to the newly incorporated Paytm Payments Bank. “This will happen automatically, and Paytm users do not need to do anything additionally. Our customers will continue to use all the services provided by the Paytm Wallet, and enjoy all the benefits. Your Paytm wallet will work as it is, even after January 15,” it said.
“Your Paytm Wallet experience will remain the same for all current use cases such as paying at stores, paying for Uber rides, ticketing, fuel, etc,” said the company.
Paytm Payments Bank Ltd (PPBL) is 51 per cent owned by Vijay Shekhar Sharma and 49 per cent ownership is with One97 Communications Ltd.
“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 PPBL Wallet. If your wallet has been inactive for the last six months and has zero balance, it won’t be transferred to the PPBL unless you specifically give the consent for the same,” said the company.
The users are not required to open an account with PPBL to use the wallet. “If you don’t want to use Paytm Wallet, you can write to email@example.com with bank details, the money will be transferred to that account,” the company said.