Have you all got notification messages regarding date of PayUmoney wallet shutting down it’s operations. On 31 January 2018 PayUmoney wallet will be shutting down forever. PayUmoney wallet refund of balance amount in customers accounts will be made if request is made by wallet owners.
SMS messages send out to customers from PayUmoney were as follows – “Your PayUMoney wallet will be shutting down on 31st January 2018. Wallet loading will be disabled from today”. Many users who were having their wallet and cash credit balance in PayUMoney wallet were shocked to hear this news.
Most people wanted to know how will they get refund of money in Pay U wallet and how will transfer of this money be possible. Company has assured that all people can continue shopping with money in wallets till 31 January 2018 (31-1-2018). Jitendra Gupta who is Managing Director (MD) of PayUMoney confirmed that the company is closing down it’s wallet operations on 31-1-18.
What is reason for closing of PayUMoney wallet services ? It’s because the company had done acquisition of Citrus wallet and they are trying to run Citrus as main wallet from now on wards.
PayUmoney wallet refund / transfer
Cash loading has been disabled in PayUmoney wallet from 6th January 2018. Payuwallet will be disabled for ever from 31st January 2018. PayUmoney wallet refund will be made to bank accounts if request is made.
How to transfer PayUmoney wallet balance ?
Balance amount in PayU mney can be transferred back to your bank account from where you had loaded money into this wallet.
Many users wanted to know whether PayUmoney balance can be transferred to Citrus wallet. Reserve Bank of India (RBI) has not allowed intra-transfer between wallets and so it will not able to transfer Payumoney balance into Citrus wallet.
With companies like Paytm gaining majority of digital transactions it was difficult for Payumoney to survive with less than 10,000 transactions per month. That is why it decided to go on with Citrus wallet and remove PayuMoney from it’s list.
PayU company had done acquisition of Citrus Pay company wallet for $130 million.
Now it is up to customers whether to spend remaining amounts in their Payumoney wallets or opt for a refund to their bank accounts.