Latest Business News - Digital payments firm Paytm on Tuesday said its wallet business will soon be transferred to its payments bank but quashed social media rumours that the m-wallets will stop working after January 15.
"There are some rumours circulating that you will not be able to use the Paytm Wallet after 15th January! Nothing could be farther from the truth. On the contrary, Paytm Wallet users will soon enjoy additional benefits through Paytm Payments Bank Account," Paytm said in a blog post.
The hoax message claims that since Paytm is converting into a payments bank post January 15, users will not be able to transact with their Paytm wallet money, it said.
The company noted that the Paytm Wallet will soon be transferred to the newly incorporated Paytm Payments Bank automatically but added that the m-wallets will work even after January 15.
Stating that this is just a "transfer of ownership of wallet to a new company called Paytm Payments Bank Ltd", Paytm said customers will be given an option to open a separate bank account when the bank launches its services.(Read More)
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