Additionally learn: Three years since launch, has Paytm’s mini app retailer lived as much as expectations?
Paytm Funds Financial institution customers will be unable so as to add any funds to their pockets and financial institution accounts however will be capable of use the steadiness till it’s exhausted, in response to the RBI order.
“The RBI has issued a directive proscribing Paytm Funds Financial institution Account/Pockets from accepting new deposits or permitting credit score transactions after March 15, 2024. Please be aware that you simply will be unable to deposit or add cash to your Paytm Funds Financial institution Account/Pockets after March 15, 2024. Nonetheless, there is no such thing as a restriction on withdrawal of cash out of your present steadiness even after March 15, 2024,” Paytm mentioned in regularly requested questions (FAQ).
The corporate has mentioned that customers should buy HDFC Financial institution FASTags and in addition recharge FASTags of different partnered banks on the Paytm app however can’t buy Paytm Funds Financial institution FASTags.
Nonetheless, the steadiness left within the Paytm Funds Financial institution FASTags can be utilized till it’s exhausted.
“All different companies on the Paytm app, together with films, occasions, journey (metro, flight, practice, bus) ticket bookings and extra, stay absolutely operational. Customers can proceed to recharge their cell phone, DTH or OTT subscriptions and pay all utility payments (electrical energy, water, gasoline, web) with ease instantly by way of the Paytm app,” the corporate mentioned.
Paytm app customers can proceed to make use of UPI service as NPCI has authorized collaboration of the agency with 4 banks-SBI, HDFC, YES Financial institution and Axis Financial institution.
Paytm will work as a third-party app (TPAP) and facilitate UPI transactions by way of the associate financial institution. It’s got 5 handles in partnership with 4 banks to proceed UPI transactions, as per an replace on the NPCI web site.
The corporate’s present deal with @paytm is among the many 5 handles that customers can proceed utilizing with out the necessity to make any adjustments at their finish.
Nationwide Funds Company of India (NPCI) has authorized @paytm and a closed person group UPI deal with @ptyes for Paytm in partnership with Sure Financial institution.
NPCI has additionally authorized @pthdfc with HDFC financial institution and @ptsbi with State Financial institution of India as a associate. Nonetheless, these two handles should not lively instantly.
A Paytm spokesperson mentioned customers can proceed to make use of @paytm deal with seamlessly with out the necessity to make any adjustments at their finish.
The corporate has prompt retailers to change from PPBL financial institution accounts to another financial institution wherein they wish to settle for cash from clients.
Additionally learn: Paytm prepared for all choices for financial institution’s survival, together with acquisition
“Paytm QR codes, Soundbox and card machines additionally stay absolutely operational. This ensures continued comfort for hundreds of thousands of customers and retailers who depend on these companies for his or her day by day transactions,” the corporate mentioned.
#Paytm #customers #companies #PPBLs #pockets #FASTag