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As the deadline for the ban on Paytm Payments Bank gets pushed further, confusion persists regarding the continuity of its UPI service. Paytm has issued an official update on its website clarifying the post-March 15 scenario, shedding light on what services will remain operational and what will cease to function.
Make Payments, Recharges, Bill Payments and More
According to Paytm’s latest FAQ page, users can continue utilizing the Paytm app for various transactions such as bill payments and recharges. Those who have linked their Paytm account to authorized banks like ICICI and HDFC need not worry, as the ban specifically targets users of Paytm Payments Bank. Thus, functionalities like recharges and bill payments will remain unaffected.
#Paytmkaro! 🚀 Hamara QR, Soundbox aur Card Machine kaam karta rahega. Aaj, kal aur hamesha ❤️
Hamare merchant partners ko lagaatar samarthan ke liye dhanyavaad 🇮🇳
Desh ki seva karne me hum puri tarah se samarpit hain. RBI FAQ yahaan padhein: https://t.co/2FLZ4GNOuE pic.twitter.com/OM0nMM5XAD
— Paytm (@Paytm) February 19, 2024
Paytm reassures users that services like Paytm QR, Soundbox, and Card Machine will continue functioning seamlessly beyond March 15, unaffected by the ban.
What about Paytm Payments Bank Wallet?
Users can still utilize, withdraw, or transfer funds from their Paytm Payments Bank Wallet until the balance is depleted. However, no further deposits will be allowed post-March 15, 2024. Nonetheless, all refunds and cashback will still be credited to the wallet.
.@PaytmBusiness ke saare devices jaise QR codes, Soundbox and Card Machine hamesha ki tarah chal rahe hai aur 15th March ke baad bhi chalte rahenge!
Read the RBI FAQ here: https://t.co/2FLZ4GNOuE #Paytmkaro pic.twitter.com/5Kdq8UriJ1
— Paytm (@Paytm) February 18, 2024
Can You Use FASTtag?
While FASTag / NCMC Cards issued by Paytm Payments Bank remain usable, recharging or adding funds will not be possible after March 15, 2024. Users have the option to exhaust the available balance or request a refund from the bank.
Update: Paytm QR, Soundbox, Card machine will continue to work as always even beyond March 15, confirms RBI. We have also shifted nodal account to @AxisBank (by opening an Escrow Account) to continue seamless merchant settlements as before
More details here:… pic.twitter.com/lBTq7DgDbD
— Paytm (@Paytm) February 16, 2024
Paytm assures users that existing balances in their Paytm Payments Bank Account / Wallet remain unaffected by the RBI directive. While new deposits and credit transactions will cease after March 15, 2024, users can still withdraw funds without any restrictions, ensuring the safety of their money with the bank.
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