The Uber Fire [+ Chaos] Media Is Fuelling..And Some Of It Is Just Wrong

Yes, Uber has been banned in Delhi. So is Ola/TaxiForSure. Uber is also banned in Hyderbad.
But that doesn’t necessarily translate to:
1. Uber is shutting shop in India [media has a habit of either glorifying or crucifying its subjects]. 
2. Customers losing all-of-their wallet money.
Some of the mainstream media has been going all over the board to create chaos among the customers without doing their homework.
For example, an article like this (on Business Standard) is totally uncalled for (especially the title).
Uber-Paytm-misinfo
In fact, those who were pitching for Uber to have its own wallet system will now understand the benefit of using a third party wallet system like Paytm, as you can use the Paytm wallet on several other sites that accepts Paytm wallet (unlike the case with Ola/TaxiForSure).
However, Paytm has clarified a few points with respect to wallet integration which are worth mentioning:

  1. Paytm Wallet users can transfer all their money to their bank account – be it Credit Card, Debit Card or Net Banking account through which they transferred it to the Paytm Wallet.
  2. 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.
  3. 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.
  4. 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.

In short, things arent’ as bad as media is making it out to be.

2 comments

  • Please also make your basics right. Even the Ola Wallet, Taxiforsure wallet ( all are riding on existing wallet licenses of either banks or other PPI holders) users will also be able to take money out as the money is always kept in an escrow account and same would have been the case if Uber had it’s own wallet.

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