Among all the other payment services that had their services linked with crypto exchanges, Paytm has stopped crypto transactions with WazirX. Well, it is sad news for all the users of WazirX as another major payment option won’t be available on the platform due to the service withdrawal of Paytm from the crypto exchange.

WazirX P2P to be used for Transactions as Paytm Shuts Crypto Transactions

The Paytm Payments Bank will be discontinuing cryptocurrency transactions on its platform from May 21 evening as it is going to stop dealing with all the cryptocurrency exchanges.

In accordance with news from sources, this discontinuation of service comes after banks said on May 20 that they will no longer deal with the crypto exchanges following an informal order of the Reserve Bank of India to that effect.

In addition to this, it has been revealed from industrial sources that other payments giants such as PayPal and Venmo may follow the suit soon. However, this report has not yet been verified by trusted sources.

The insiders of the Reserve Bank of India revealed that it was the central bank that directed the payment companies to cut ties with crypto exchanges. 

Moreover, they said that this is not a formal directive and surely not a written one like the other orders sent to the banks.

What Happens to the Money Debited from Account

As stated by the crypto exchange, INR deposits to the Paytm Bank account will be shutting down starting from 11:59 pm on May 20, 2021, Monday. 

This clearly means that any money deposited from your bank account to be transferred to your WazirX wallet is not going to be credited there.

WazirX released a statement for the users that read:

“If you make any INR deposit via IMPS/NEFT/RTGS to our PayTM Bank account after 11:59 PM IST, it will revert to your source bank account within 7-10 business days. While we work with our partners to add more INR deposit options, we recommend you to use WazirX P2P to buy/sell USDT with INR.”