Before being banned by the Indian government, Uber had tied-up with Paytm last month to fall in line with RBI’s new two-factor authentication mandate. A report in Business Standard earlier today stated that if Uber shuts shop in India, its customers will neither be able to encash the amount in their Paytm accounts nor transfer it to their bank accounts. Paytm however has replied saying users do not have to worry about any such thing. Also Read - Internet down: Zomato, Paytm, Disney+ Hotstar, Amazon, Myntra, many other global services suffered massive outage
In response to the story, Paytm issued a statement on is blog, negating all such claims. It said, “Seems like there is some confusion. Yesterday’s published article by Business Standard is wrong and completely misleading our customers. Uber’s customers with a Paytm Wallet can withdraw their money from the e-wallet.” Also Read - Zomato IPO: How to invest via bank, Zerodha, and Paytm Money
The company said that, unlike what the article states, users can transfer all their money to the source of funds – be it Credit Card, Debit Card or Net Banking account. The company asserts that they follow all guidelines of RBI, and hence assures all its users that their money in the digital wallets is safe. Also Read - How to book COVID-19 vaccine slot via Paytm App, get Covaxin and Covishield shots with these simple steps
Additionally, the wallet money can be used to shop across 15,000 online merchant sites that have tied-up with Paytm. The partnered merchants include Bookmyshow, Zovi, MakeMyTrip, Shopclues, HomeShop18, Fabfurnish and many more. Paytm also insisted all its users to connect with them via customer care or Twitter to resolve any further grievances. So, even if Uber leaves India, and you have money that you put into Paytm’s wallet thinking you would use it for future Uber rides, you can now use it for other purchases or just ask for a refund.
Uber recently courted massive controversy after its driver Shiv Kumar Yadav allegedly raped a woman in the cab. Not surprisingly, this incident created quite an uproar, and the Delhi government reacted by banning Uber and similar app-based cab services in the state. Soon after, while addressing the Rajya Sabha, Union Home Minister Rajnath Singh ordered all states and union territories to ban Uber and similar cab services.
Paytm’s blog post follows:
Seems like there is some confusion. Yesterday’s published article by Business Standard is wrong and completely misleading our customers. Uber’s customers with a Paytm Wallet can withdraw their money from the e-wallet. We ensure that.
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 email@example.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.
We hope this clears the air and stems the unnecessary panic caused by Business Standard. That said, we are 24×7 on firstname.lastname@example.org via email and @PaytmCare on Twitter to take care of any issues.