Digital India: Paytm to merge its wallet business with upcoming payments bank

Paytm has announced that it is merging its digital wallet business to the newly-incorporated Paytm Payments Bank Limited (PPBL) after receipt of necessary RBI approvals. Paytm is currently in the process of getting the final nod from the Reserve Bank of India (RBI) for its payments bank.

One97 Communications, the parent company of payments platform Paytm, has announced that it plans to merge the Paytm Wallet business with its newly-incorporated Paytm Payments Bank division. 

Paytm is also one of the largest online player in e-commerce in fiels related to fashion, recharge, Shopping, mobile, electronics, travel etc....
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The new unit will handle all of the firm’s payments businesses, including the Paytm wallet, while the e-commerce business will continue to remain under One97 Communications.

After the government demonetized old Rs 500 and Rs 1,000 currency notes, Paytm has been one of the main gainers with the push towards digital currency. Along with Paytm, other wallet companies too have registered a massive surge in user base as well as the number of transactions.

In its statement, Paytm said, “… as per directions of the Reserve Bank of India, One97Communications Ltd. will be transferring its Wallet business after receipt of necessary approvals to the newly incorporated Payment Bank entity, Paytm Payments Bank Limited, under a Payments Bank license…” Those who do not want to be switched to the Paytm payments bank can opt out of the process via email or from the company’s desktop website, the statement says. They will be allowed to send the money in the wallet to their bank accounts in a one-time transfer within 15 days of notifying Paytm of the opt-out.  Wallet balance of Paytm users who opt out but do not provide bank account details will be kept with the Paytm Payments Bank till the bank details are provided; however, the customer will not be able to use the money in the wallet till it is withdrawn to the bank account.

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