Paytm Wallet will now be Payment Bank

 

One97 Communications Limited is credited with the development of one of the most successful and popular digital wallet known as the Paytm wallet. This wallet has had the most far-reaching influence, which got skyrocketed during the demonetization period launched by the Government of India. Almost every citizen, vendors from every nook and corner of the country, made use of this convenient wallet to make digital transactions and make the day-to-day business easy and hassle-free.

 

After the successful stint in the wallet business, the parent company is now all geared up to launch its ‘Payment Bank’ facility on 23rd May 2017. After getting the approval of the apex banking body the Reserve bank of India, the launch will cause the merger of its Paytm Wallet into the newly incepted digital bank. The Paytm bank will offer all the same features to its customers such as an account, issuance of the debit cards, facilitate the transfer of money and would also give interests on money in their accounts.

By sending out messages, the company has already informed its dedicated users about the move and is expecting to bring more than a million Indians aboard its new venture.

But it needs to be noted that with the merger, the wallet would not cease to exist but will be a part of the bank. You will still be able to use it to make digital transactions using the credits available in the wallet. Your funds would be secure in it but it obviously won’t accrue interests as it would be doing in the bank. For enrolling into the bank, a person needs to complete all the formalities and submit them.

But if the users do not wish to be a part of the new venture, they can choose to opt out of their wallet by sending an email regarding the same to help@paytm.com before 23rd of May.

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