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Paytm to merge its wallet business with payments bank

Paytm wallet will now be a part of recently-announced Paytm Payments Bank.

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 digital wallet services, owned by One97 Communications, is to transfer its wallet business to the newly-incorporated payments bank, in which its founder Vijay Shekhar Sharma has a stake of 51 percent.
“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 said in a statement. RBI had recently issued an in-principle payments bank licence to Paytm Payments Bank , which is registered under the name of Sharma.

The statement further reads,”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 simply implies that users’ existing accounts on Paytm wallet will be transferred to the payments bank if they want to opt. Otherwise, the users have given the option to notify the company via email if they choose to opt-out from the process. Users will be allowed to transfer their wallet money to their bank accounts by giving the appropriate details within 15 days of notifying Paytm.

However, if one fail to give bank details, then the amount would be transferred to a ‘specially designated account’, with the payments bank and the 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. The company also states that the Paytm wallets which are inactive for past six months or have zero balance, will not be transferred to the payments bank unless they give their consent.

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