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19 Feb, 2024 | Monday
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Paytm denies reports on selling its wallet business, calls them speculations

A Paytm spokesperson has called the reports claiming the sale of its wallet business as "market speculations".

Edited By: Pranav Sawant

Published: Feb 05, 2024, 11:43 PM IST

PayTM
PayTM

Story Highlights

  • Paytm wallet business was reported to be acquired by a few investors, Jio being one of them.
  • However, a Paytm spokesperson dismissed the claim of the sale of its wallet business.
  • He referred the reports claiming the same as "market speculations".

Paytm on Monday denied reports that it is in talks with a few interested investors to sell its wallet business, amid the Reserve Bank of India’s (RBI) ban on the Paytm Payments Bank.

Earlier today, a report revealed that surfaced that was in talks with a few investors to sell its wallet business for some time. It claimed that HDFC Bank and Jio Financial Services were among the forerunners to acquire the wallet business.

However, in a statement to In a statement to IANS, a Paytm Payments Bank Ltd (PPBL) spokesperson said “we do not comment on any market speculation.”

“We completely abide by the direction of the regulator, and the team’s effort is to ensure a smooth customer experience with the products offered by the Paytm Payments Bank Ltd (PPBL),” the spokesperson added.

Paytm Founder and CEO Vijay Shekhar Sharma previously assured the staff that there would be no layoffs and the company has been in talks with the RBI, besides, weighing partnership options with other banks.

“We will figure out everything soon. We will reach out to the RBI to see what can be done,” Sharma said while addressing employees during a virtual town hall.

Paytm now has a few weeks left until its wallet, FASTag, and NCMC cards are in the working stage. Upon February 29, users won’t be able to top-up their wallets. However, withdrawals will still be working. Once the money in these instruments is used, they will no longer be useful.

It is to be noted that Paytm’s other services including mobile recharge, bill payments, movie and travel ticket bookings, insurance, etc. will continue to work as it is.

“For every challenge, there is a solution and we are sincerely committed to serve our nation in full compliance. India will keep winning global accolades in payment innovation and inclusion in financial services – with PaytmKaro as the biggest champion of it,” Sharma posted on X (formerly Twitter).

Paytm is the largest player in the wallets segment in India. The firm owned by One97Communications not only offers wallet and bank services, but has a plethora of other services as mentioned above.

Written with inputs from IANS

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Author Name | Pranav Sawant

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