Paytm has been one of the main gainers in the push towards digital currency following government’s move to demonetize higher value currency notes. Due to lack to cash everyone is going after this app and placing their amount in its wallet. Now a days so many trades are preferring this types of E-Wallets and providing this facilities for payments. Now Paytm will have to transfer its wallet service to payments bank.
Paytm, is arranging to merge its wallet service with the eponymous payment bank. The license for which is owned by its founder Vijay Shekhar Sharma, once it receives regulatory approval.
Now this app will have to transfer its wallet’s balance to the newly incorporated (PayTm Payment Bank Limited) after receipt of few essential approvals: “As per the directions of RBI.
“Banks have their own wallets so there should be not a trouble for this app as well to contain its wallet’s business merged with the payments bank industry. Though, in line with regulatory requirements it has had to separate its e-commerce trade from the payments business.