What Happens To Your PayTm Digital Wallet After 2017 May 23

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Mobile 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 23^rd 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 23^rd May. If any customer wants, he/she can discontinue the wallet service by sending a prior intimation to the company before May 23^rd.

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 23^rd 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.