PayUmoney isn't shutting down; read the full story

While some digital wallets may be booming after demonetisation, for other it may be the end of the road. Mobile wallet company PayUmoney has suspended its operations.

In a message to its customers it said they are “temporarily suspending” their wallet operations on PayUmoney.

PayUmoney suspended wallet operations pic.twitter.com/vEb4QsXpbX

— Sathya (@SathyaBhat) January 20, 2017

It said that users for a brief period of time would be unable to load funds into their PayUmoney wallet through any channels. In addition, they would be processing users refunds up to January 31, 2017.

It however told its existing customers that they can still continue using PayUmoney wallet across all partner merchants till January 31, 2017. “If you do not wish to spend your wallet balance, you can transfer funds directly to your chosen bank account,” it said.

The transfer charges to the bank have also be revised to 0% and also reduced the minimum balance required for transfers to Rs 100.

“Our communication to consumers has been totally misquoted. We are in process of upgrading wallet backend operations and hence temporarily suspended load functionality only for users to avoid customer service issues. The same will be resumed shortly once backend is upgraded. Users can continue to use all other functions such as purchase, withdraw money etc,” said Jitendra Gupta, MD, PayUIndia.