On Wednesday, Paytm said its wallet business will soon be transferred to its payments bank. However, the company simultaneously slammed social media rumours that mobile wallets will stop working after January 15. A hoax rumour about the same has been making the rounds. The company said,
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 accounts.”
NDTV reports that the company said its wallet will be transferred to the newly incorporated bank automatically. It added that this is just a “transfer of ownership of the wallet to a new company called Paytm Payments Bank Ltd.” Further, users will not have to open an account with the bank to use the wallet.