 "Paytm")
Paytm crisis: In the wake of the Reserve Bank of India (RBI)'s crackdown on Paytm's affiliate Paytm Payments Bank, the financial services platform issued further clarifications on the services it will continue or discontinue on it, following the February 29 deadline set by the central bank.
Issuing fresh guidelines on Monday, the fintech clarified about its digital wallet, UPI services, as well as recharge and other services.
Can Paytm be used for paying utility bills after February 29?
According to the fintech, the Paytm app can be used for bill payments and recharges. "Paytm continues to support a wide range of payment options…" it said.
Hear it directly from us! Will Paytm QR work as before? Can you continue to use Paytm app for recharges and bill payments? All questions answered here!#PaytmKaro #DigitalIndia #PaytmApp #UPI #Fintech #Fintechnews
— Paytm (@Paytm) February 5, 2024
Will Paytm QR work as before?
Reassuring its associated merchants, the fintech said that the QR code (Quick Response code) is working just as fine. It can be used for accepting "fast, secure and safe payments."
"All Paytm services and devices are operating as usual," it added.
What happens to Paytm Soundbox and card machines?
Paytm said that all its offline merchant payment offerings, including Paytm QR, Paytm Soundbox, and Paytm Card Machines are working as earlier.
"You can accept payments with ease on them," the company said.
Will Paytm support UPI services post February 29?
"You can continue using UPI (Unified Payments Interface) on Paytm app without any interruption…you can make QR code payment across stores, online payments and send money," Paytm said.
What happens to Paytm Bank Wallet services?
Paytm users can continue to Paytm Payments Bank wallet services beyond RBI's deadline. However, the fintech clarified that the users "will not be able to add money to the wallet after February 29."
There is no restriction on using the existing balance in the wallet after the end of February.
RBI's crackdown on Paytm Payments Bank
Last Wednesday, the RBI ordered Paytm's affiliate Paytm Payments Bank (PPB) to wind down most of its businesses. The regulator has restricted the PPB from taking further deposits or conducting credit transactions, carrying out top-ups on any customer's accounts, wallets, etc, after the end of February.
Paytm Payments Bank Limited (PPBL) is an associate of One97 Communications Limited (OCL).
