Paytm users holding inactive wallets with zero balance will face account closures starting July 20th, 2024. This action is part of Paytm's effort to streamline its user base and comply with regulatory oversight in India.
The decision stems from increased scrutiny by the Indian government on digital payment platforms such as Paytm, PhonePe, and Google Pay. Following rule violations identified by the Reserve Bank of India (RBI) in February,
which initially restricted new deposits into Paytm wallets, many users withdrew their remaining balances. Consequently, a significant number of wallets became inactive with zero funds.
Paytm will automatically close wallets that have been inactive for over a year and maintain a zero balance. Users will receive a notification 30 days before the scheduled closure, allowing them time to take necessary actions.
If you prefer to close your Paytm wallet before the July 20th deadline, you can follow these steps:
Open the Paytm App: Launch the Paytm mobile application on your device.
Navigate to Wallet Section: Go to the Paytm Payments Bank Wallet section within the app.
Select Help Options: Choose "Need help with Non-order related queries" to proceed further.
Request Wallet Closure: Select "I want to close my Wallet" to initiate the closure process.
This initiative by Paytm aims to maintain an active and compliant user base in alignment with government regulations. It is essential to note that only wallets that are inactive with a zero balance will be affected by this closure policy.
Conclusion
The decision to close inactive Paytm wallets reflects the platform's commitment to regulatory compliance and operational efficiency. Users are advised to take proactive steps if they wish to avoid automatic closure by following the provided instructions within the Paytm app. As Paytm continues to adapt to regulatory changes, staying informed about updates and taking timely actions will ensure a smooth user experience.