Paytm Reassures Merchants That Its Devices Will Work After March 15

Paytm Reassures Merchants That Its Devices Will Work After March 15

Paytm, India’s leading fintech company and the pioneer of QR and mobile payments, has filed a statement with the NSE and BSE confirming that its app and devices, such as the All-in-One QR Code, Soundbox, and Card Machine, will continue to operate seamlessly even after March 15, 2024. The company said that the Reserve Bank of India (RBI) had also clarified this through its FAQs.

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The statement came after the RBI had ordered Paytm Payments Bank Limited (PPBL), a subsidiary of Paytm that issues FASTags and wallets, to stop accepting new deposits or conducting credit transactions in its customer accounts and other instruments after February 29, 2024, due to regulatory issues. The RBI had extended the deadline for PPBL to settle all pipeline transactions and nodal accounts by March 15, 2024.

The mobile payments pioneer has reassured its merchant partners that its devices will continue to operate at full capacity.

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Paytm said that its parent company, One 97 Communications Limited, had shifted its nodal account to Axis Bank (by opening an Escrow Account) to ensure smooth merchant settlements as before. The company also assured its merchant partners that their money is safe and that they can continue to use Paytm QR codes, Soundbox, and Card Machines, just as before.

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Paytm, which was founded in 2010, has over 33 crore users and 2.1 crore merchants on its platform. The company offers a range of services, such as payments, commerce, gaming, financial services, and cloud. Paytm was the first to launch QR code-based payments and instant audio confirmation with the Soundbox device in India.

PPBL, a subsidiary of Paytm, operates 24 channels across entertainment, sports, and regional genres. The bank has been accused of creating hundreds of accounts without proper identification, linking the same PAN to multiple accounts, and submitting incorrect compliance reports to the RBI and the auditors. PPBL had been barred from taking new customers since March 2022.

PPBL has claimed that its customers’ money is safe and that they can continue to use Paytm QR codes, soundboxes, and card machines. The bank has also said that it is in talks with the RBI to resolve the issues and that it is confident of its long-term potential in India.

Source : Business Today

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