In five days from now, all the balance money stored in Paytm wallet by 160 million people will reflect on respective Paytm Payment Bank wallets, the reason being conversion of Wallet Company into payment bank.
As the news started wide spreading on the social media, Paytm users are panicked assuming their balance with the money wallet will be in a predicament. However Paytm has marked an end to all these rumors.
Where would the money go?
The money stored on Paytm wallet will go into Paytm Payments bank on 15th January which means the money will get transferred from One97, company backing Paytm to Paytm Payments Banks Ltd. The money in wallets will not be subjected to any change. For example, if a user has Rs 2000 in his Paytm wallet, the same amount will get reflected on the Paytm Payments Bank wallet too.
Accounts of users who have not been using the app for more than six months will not be transferred to Paytm Payments Bank. To do so, the users will have to request a special consent by logging into the app, web or mail. It does not mean that Paytm users should open bank account to continue wallet usage.