PayTm Payments Bank- Next Big Thing

PayTm is always a first choice of Indians when making digital payments. One of the reasons I found PayTm earned this reputation by it’s transparent and ethical business. My personal experience with PayTm is it always delivers what it promises, Weather it’s Cashback, offers or transferring money to your Bank account. PayTm never promises you a false cash back like other players.

One97 Communications, the parent company of India’s biggest digital payments player Paytm, will be transferring the wallet business to the Paytm Payments Bank Ltd on 23 May 2017.The Vijay Shekhar Sharma–founded company PayTm declared that it will start it’s operations as a payment bank from 23 May.

Here are the 5 things you should know about PayTm Payment Bank:

1.What will Happen to my PayTm Wallet?

Your PayTm wallet and money will be automatically transferred to PayTm payment Bank account.

2.What is the Process for transferring my wallet to PayTm Bank?

PayTm will automatically transfer your wallet account to PayTm payment Bank account as wallet will be a part of PayTm Payment Bank now.  You don’t have to do anything for transferring your wallet to Payment Bank account.

3. Will I have to download new App?

No the current PayTm app you are using can be used as PayTm payment bank account to do digital Payments and transactions. You will be able to Pay directly from your PayTm bank account from the App.

4. What is limit and Interest?

The current limit of Payment Bank according to RBI guidelines is 1 Lakh rupees and as your wallet will be the Bank account you will get interest on your money in the account.

5.How should I pay form my PayTm payment Bank account?

You will be able to pay from your PayTm bank account directly the same way you was paying form the wallet

Renu Satti will be the new CEO for the PayTm payment Bank.

I wish PayTm a great success ahead in digital payments!

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Subodh Thackeray

Writes about travel and latest technology trends,Loves everything that have  wheels. You will often find him staring shamelessly at every supercar passing by!


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