The RBI suspended the majority of Paytm Payments Bank services, dealing a severe blow to the online payment app Paytm. After February 29, all services—including credit transactions, deposits, and top-ups—must cease. After disobeying RBI regulations, action has been taken against Paytm Payments Bank. Following this Paytm action, customers are confused and have a lot of queries. Will the Paytm app shut down? What will happen to the money now stored in the wallet? Is Paytm’s Fastag going to be obsolete? Customers have inquiries about a variety of these topics.
Will the Paytm app shut down?
Regarding Paytm Payment Bank, RBI has taken action. The Paytm app won’t stop operating in this scenario; it will carry on as usual. If you use the Paytm app and do not use the Paytm Payment Bank service, you will use the app for the same purposes both now and after February 29. Paytm is acting right now to comply with RBI directives. As a payment company, Paytm reportedly collaborates with numerous banks. To maintain its surviving services, it is placing a strong emphasis on growing alliances with other banks. Our offline merchant payment networks, such as Paytm QR, Paytm Soundbox, and Paytm Card Machine, will be unaffected by the RBI’s move.
Will Paytm cease to process UPI payments?
Only the services linked to Paytm Payment Bank will be impacted by the RBI’s decision. You won’t be able to use UPI through Paytm Payment Bank after February 29; however, you can still use UPI to make payments through any other bank, such as SBI or HDFC Bank. Up to February 29th, you are free to use the money in your Paytm wallet. Following this, there will be an issue with the Paytm Payment Bank wallet balance. Transferring the money from your wallet to your bank account is the wisest course of action for you. You can then use it to pay any utility bill from that point on. Paytm has tweeted that NCMC is now available. company One97 Communication also works with other banks. After the action of RBI, the company has started working with other banks and now they will accelerate this scheme and completely expand the partnership with other banks.
Will retailers accept payments with Paytm?
Shopkeepers who try to withdraw money from their Paytm Payments Bank accounts would be unable to do so because of the RBI’s action against Paytm Payments Bank. However, they can get payments from other banks.
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