Paytm says its QR codes will continue to function as usual.
Paytm says its QR codes will continue to function as usual, merchants don’t need to look for alternatives
The Reserve Bank of India (RBI) on January 31 directed Paytm Payments Bank Ltd (PPBL) to stop accepting deposits or top-ups in any customer accounts, wallets, FASTTags, and other instruments after February 29.
Paytm, a fintech firm that specializes in digital payments, on Tuesday said its QR codes will continue to function as usual, allowing merchants to accept payments beyond February 29, 2024. Payment devices such as Paytm Soundbox and card machines will also continue to remain operational as always, it added.
The Reserve Bank of India (RBI) on January 31 directed Paytm Payments Bank Ltd (PPBL) to stop accepting deposits or top-ups in any customer accounts, wallets, FASTTags, and other instruments after February 29. This sparked fears about whether Paytm’s QR codes will also be affected.
Today, Paytm said that some merchants have repayment arrangements set up through the PPBL bank account, as the settlements were being processed there. “Now we need to migrate their settlement account to another bank of their choice so that settlements continue to be received and repayments can proceed uninterrupted,” it said.
Paytm also said that it is in talks with some leading banks and will partner with one of them to ensure that there is no disruption to merchants. “Over the past two years, Paytm has collaborated with multiple banking partners for a host of services.
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