What Happens To Your PayTm Digital Wallet After 2017 May 23
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payment elevated to a new dimension with the launching of the Paytm platform. Though
it started off as a mobile recharge and utility bill payment platform but soon
Paytm turned into a full-fledged marketplace to fulfil all sorts of payment and
shopping requirements.
There
are some interesting statistics that corroborates the fact that Paytm right now
is the largest mobile commerce platform in India. At present it has more than
170 million users of whom more than 80 million use the platform regularly. On
an average, more than 5 million transactions take place daily which involve
about 2 million merchants.
Quite
naturally this largest digital player in India has taken the next logical step
that of opening a bank to simplify and secure the entire payment process. Paytm
has already received the license from the Reserve Bank of India. The tentative
date of starting its banking operation is 23rd May 2017.
As
stated by the company guidelines, the parent company of Paytm
i.e. One97 Communications will transfer its entire wallet
business to Paytm Payments Bank Limited on 23rd May. If any
customer wants, he/she can discontinue the wallet service by sending a prior
intimation to the company before May 23rd.
The
announcement has created bit of confusion among Paytm users who can’t decide
whether to continue with the banking service or come out of it. Here we try to answer various questions
related to Paytm banking which will surely help you take an informed decision.
Paytm Payments Bank – the basic information
Paytm
Payments Bank is certified by the RBI and has the license to offer banking
services in India. It will start by transferring the existing digital wallet to
the bank platform. Just like any banking setup, the Paytm Bank also offers all necessary
services. Thus the client can open a bank account and earn interest on the
money in that account. He can apply for debit cards and online banking.
What Happens After the Wallet Transfer?
Many
have this wrong idea that when the wallet transfer happens, that automatically
creates a bank account where the money gets deposited. This is wrong. The Paytm
wallet now becomes a wallet in the bank but that has no relation to the bank
account. Your money in the bank wallet won’t accrue any interest. So to enjoy
interest on that money you have to complete several formalities and submit
necessary details to get independent bank account.
Can I decide not to switch?
Since
all accounts will be automatically switched to the Paytm Payments Bank, so you
don’t have much choice in this regard. However you can close your Paytm wallet
before 23rd May by notifying via an email to the Help Desk. Then the
wallet will be closed totally and your money will be transferred to the bank
account that you have mentioned in the email.
What to do to open a Paytm Payments Bank Account?
Very
simple; just complete the KYC formalities by submitting necessary documents for
verification. Your account will be opened and you will receive the cheque book,
passbook, debit card and other related documents, in minimum time.
Can I transfer money to other bank accounts?
As
a valid Paytm Payments Bank account holder you can transfer money to any bank
of your choice, via cheque/ online banking. However this facility can’t be
availed by wallet users.
Can I continue to use the Paytm App?
Yes,
the app will remain unchanged. So you can continue using it to pay your
restaurant bill, fuel charge, taxi fare and the like.
What if I am not an active Paytm user?
Those
who haven’t used the Paytm wallet for last six months or who don’t have any
money in their wallets have to follow a different procedure. They need to
specifically give their consent via the app/email/web form to activate the
conversion process.
What banking facilities I can’t enjoy as Paytm
Payments Bank account holder?
There
are certain features that separate this bank from others. Firstly it can’t lend
money or give advance to its customers. Hence the bank is not issuing credit
cards. You can keep a maximum of Rs. 1 lakh in your Paytm Payments Bank account.
The
idea behind Paytm Payments Bank is to extend banking facilities to individuals
from the lowest socio-economic stratum of the society. We laud the initiative and hope it will turn
out to be a huge success in coming days!
Paytm’s Affiliation Programme
Paytm
bank will offer similar Affiliation Programme which it used to offer earlier
with Paytm App, but now, the scope of benefits are more. Under this Affiliation
Programme, different commissions are reserved for different categories of
services like Recharges, Fashion, Ticket Bookings, Electronics, Food and many
more. You can find out whole commission structure online very easily. Paytm has
joined hands with many Affiliation Partners to make services more approachable,
you can easily make huge money with top Affiliation Partners like Paisa Cube,
Grabon, Coupon Duniya, They partner provide deals, Paytm Cashback Offers, Paytm coupon code e.t.c. Affiliation program of Paytm is designed in such a
way that it can be promoted very easily, you can promote it directly through
your blog or can share via your content by including affiliate links in it. Either
way, you can make money easily with Paytm.
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