Online payment and money transfer company Paytm recently revealed its plans to shift its wallet business to payment banks owned by the firm while putting aside rumors circulating on social media that it would put an end to mobile wallets altogether from 15th January.

A message was doing the rounds on the net, claiming that since the company had decided to venture into the banking sector, the people currently having a Paytm wallet account will not be able to make transactions anymore.

Paytm put the rumors to rest by announcing that although the m-wallets will be transferred to the newly devised Paytm Payments Bank automatically, they will themselves work just fine.

“There are some rumors 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 Account,” Paytm said in a blog post.

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Terming this as a mere “transfer of ownership of wallet to a new company called Paytm Payments Bank Ltd”, the company said it would give the customers the choice to open a separate bank account as soon as the bank launches its services.

“After the movement, we will be able to offer our customers a host of new services and features such as savings accounts where they will earn interest as well in addition to being able to avail all the current services,” a Paytm spokesperson said.

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Furthermore, the company elucidated that it was not necessary to open an account with the bank to access and use the wallet. The login details, user experience and wallet balance would remain like it was.

If such a case arises wherein an account has been lying with zero balance and has been inactive for the last six months, the company said that the account will not be transferred to the bank’s wallet unless consent is provided for the same via app, e-mail or web.

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