One97 Communications will be transferring the Wallet business to Paytm Payments Bank Ltd on 23 May 2017. Is it safe to continue? Will the services be chargeable? What should one look out for?? 2 months ago
Knowledge Junction:Answered in 2035 mins
Greetings Dr. Aditya,
PayTM is now, what they call an 'Unicorn' in the world of FinTech startups. In some ways, we should all applaud their growth.
But let's concern ourselves to the question at hand.
By all means logical, a 'Bank' will have to adhere to stricter guidelines, exposed to more scrutiny and tends to be more accountable than an intermediary wallet service.
As a customer or consumer, you will always have the freedom to discontinue whenver you wish. Although, the process may get a little more tedious after it's a Bank, as it also requires more checks (cheques too) and more paperwork to handle all the printed special papers (read notes / currency).
Speaking of paperwork, make sure you have completed your KYC on payTM. Banks of any kind regular or payments bank require to mandatorily complete KYC for all customers. If you have Aadhar it's very easy else it's a bit more tedious. All process is on the app. All other things would work as they used to work before.
Don't expect loans or credit of any sort just because it's a Bank now. It might not turn out to be that kind of a bank.
The maximum amount you can receive per month is Rs 1,00,000 and that limit might continue.
Rest, we shall only know as the events unfold!