Last couple of days have been buzzing with the Uber rape incident and the repercussions of it. New reports are surfacing at break neck pace.
Though, ground reality remains the same – Uber is grounded in Delhi and Hyderabad. Other radio cab services who do not have licenses have also been grounded in Delhi. The ban for operating is not due to rape incident, but because they do not have licenses. I hope everyone is clear on that!
Yesterday another report surfaced in Business Standard stating that Uber customers cannot withdraw their money from Paytm wallet. The article said the basis for this was that because Paytm is not one of the 8 mobile wallets who have registered for the Immediate Payment Service (IMPS), We are not sure how and from where the author of the article got this news, but seems it is not true at all.
In our view, the Paytm wallet balance amount does not go to Uber, unless you take a ride and pay for the transaction. The balance amount always stays with Paytm, so not sure how this Uber incident will affect the balances on Paytm wallet.
Sure enough, today Paytm has come out with a clarification that clearly states that you can withdraw the balance from Paytm wallet as and when required.
According to Paytm post, these are the facts:
- Paytm Wallet users can transfer all their money to the source of funds – be it Credit Card, Debit Card or Net Banking account through which they transferred it to the Paytm Wallet.
- If they wish to transfer all their money back to their source funds, they have to simply write to care@paytm.com and we’re here to assist them to get it done.
- Paytm is an RBI licensed Wallet and the users’ money is protected under an escrow account with a National Bank. This means that their money is 100% safe.
- Paytm wallet is a semi closed wallet. What does this mean? This means that the money you have kept with paytm can be used to shop at Paytm or at 15,000 online merchants. These 15000 merchants include Bookmyshow, Zovi, MakeMyTrip, Shopclues, HomeShop18, Fabfurnish etc.
So if you were worried of Paytm wallet balance, rest easy!