Noida: India’s leading digital wallet brand Paytm’s wait is over as RBI has issued the final licence for it payment bank feature.
Much waited Payment Bank is starting its fully-functional operation next week i.e. on May 23, Tuesday. Under the guidelines of RBI, Paytm will be following the terms as per norms and it will have separate entity from Paytm wallet for various feature.
Founder & CEO of Paytm Vijay Shekhar Sharma has appointed the other CEO instead of Shinjini Kumar as rumoured earlier when procedure was ongoing for this payment bank.
Customers will be by default opted to Payments Bank Limited with their existing wallet balance. If they don’t wish to opt, they can simply mail to firstname.lastname@example.org and opt-out for this feature. Although, there is the least difference between your current wallet system and Payment Bank you will be transferred by default.
These are the things; you need to know about newly introduced Payment Bank:
What will happen to the balance of your Paytm wallet?
Well, as said earlier, your wallet balance will be automatically transferred to the Paytm Payments Bank Limited as the wallet business will become part of the new company. It is similar to other bank’s wallet application.
Will Paytm app be changed or updated?
Absolutely Not. Application UI and its functionality will remain same.
Then what is changing exactly?
Though Wallet balance will be transferred to Payment Bank, it will keep running as it is.
Will it function like other banks?
Yes, but only if you opt to open an account with new introduced Payment Bank of Paytm. Else, your wallet will be running as it is. The company will give you the option to open an account with it and you can earn interest on your money too.
How is Paytm Payment Bank different from other?
Unlike others, Paytm can share cheque book and debit card but cannot offer you a credit card at this stage. You cannot maintain balance of more than 1 lakh rupees in your account. The main purpose of this initiative is to provide fast and efficient banking services to the people.