The digital payment and e-commerce platform, Paytm, is all set to merge its wallet business with its recently-launched Payment bank business, Paytm Payments Bank Ltd.
The company said- “As per the directions of the Reserve Bank of India (RBI), the company would transfer its wallet business to the newly incorporated Paytm Payments Bank Ltd after receipt of necessary approvals“.
The company further states- “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“.
This implies that-
- If existing users want then their accounts on Paytm wallet will be transferred to the payments bank.
- The users can notify the company via email if they want to opt out.
- If users opt out then they will be allowed to transfer their wallet money to their bank accounts by giving the appropriate details within 15 days of notifying Paytm.
- If a user fails to give bank details, then the amount would be transferred to a ‘specially designated account’, with the payments bank. These users would not be able to make any transaction with their wallet money until the amount is transferred into the desired account, the statement further adds.
- Paytm wallets which are inactive for past six months or have zero balance, will not be transferred to the payments bank unless users give their consent.
We are confused if this really is a happy news for Paytm users!
Featured image source: Livemint