Your favourite – Paytm app is working, and will keep working beyond 29 February as usual. We are sincerely committed to serving our nation. “To every Paytmer, Your favourite app is working and will keep working beyond 29 February as usual. I with every Paytm team member salute you for your relentless support. For every challenge, there is a solution and we are sincerely committed to serve our nation in full compliance. India will keep winning global accolades in payment innovation and inclusion in financial services – with PaytmKaro as the biggest champion of it,” our Founder & CEO Vijay Shekhar Sharma Tweeted.
Let’s clear the air and get the facts right!
What happens to thousands of shopkeepers who have bought Paytm instruments?
Myth: The Paytm app will shut?
Fact: Our Paytm app and its services continue to remain operational. Most of the services offered by Paytm are in partnership with various banks and not just our associate bank – Paytm Payments Bank Limited. We have always been at the forefront of the digital revolution in India backed by our large army of merchants and consumers.
Will Paytm’s offline merchant payment network offering continue
Myth: Offerings like Paytm QR, Paytm Soundbox, Paytm Card Machine will stop?
Fact: Our merchant payment services will not be impacted. Paytm’s offline merchant payment network offerings like Paytm QR, Paytm Soundbox, Paytm Card Machine, will continue as usual, where it can onboard new offline merchants as well.
We started our journey of working with other banks over the last two years, which we will now accelerate. The next phase of our journey is to continue to expand our payments and financial services business, only in partnerships with other banks. Read our exchange filing here.
Will Paytm can’t be used for UPI after Feb 29th?
Myth: Paytm will stop UPI & all banking services?
Fact: Our Paytm app and its services continue to remain operational. The Paytm UPI handle will continue without interruption until February 29, 2024. Clarifying further our Founder & CEO “On UPI acquiring, it needs guidance from both the NPCI and RBI and the discussions have started. So what and how will they appropriately guide us, we will adhere to that,” Our President & COO added.
Meanwhile, our Founder & CEO Vijay Shekhar Sharma assured: “We will be working only with other banks, and not with the PPBL. The next phase of our journey is to continue to expand our payments and financial services business, only in partnerships with other banks. We offer acquiring services to merchants in partnership with several leading banks in the country and will continue to expand third-party bank partnerships.”
He also added: “We, as a payments company, work with various banks (not just Paytm Payments Bank), on various payments products. We have been working with other banks since the beginning of the embargo. We now will accelerate the plans and completely move to other bank partners.”
What will happen to Paytm Payments Bank FASTag?
Myth: Savings accounts, Wallets, FASTags, and NCMC accounts will be Impacted
Fact: There won’t be any impact on user deposits in their Savings accounts, Wallets, FASTags, and NCMC accounts, and they can continue to use the existing balances. “After February 29, they cannot add incremental money. OCL as a payment aggregator already works with various other banks and payment banks are one of the key banks,” our CEO clarified.
The users can continue to use their existing balance on your Paytm FASTag. We are working on effective solutions to ensure a seamless customer experience beyond this date and will keep you updated. The directives from RBI are on Paytm Payments Bank (PPBL) and not on Paytm.
Are Paytm Mutual Funds and Paytm Money stock accounts safe?
Myth: Will this have any adverse impact on the users of @PaytmMoney?Fact: Our users’ investments with Paytm Money are also safe. The recent RBI directives on our associate bank won’t affect Paytm Money Ltd (PML) operations or their investments in Equity, Mutual Funds, or NPS. Paytm Money Limited is SEBI-regulated and fully compliant.