Amid RBI curbs, Paytm sends new message of assurance to its customers and merchants; read statement
By Sunita Iyer | First Published Feb 12, 2024, 3:33 PM ISTPaytm assures users and merchants of uninterrupted services despite RBI order, emphasizing seamless transitions and customer support.
Fintech giant One97 Communications, the parent company of Paytm, has reaffirmed its commitment to providing uninterrupted services to its merchants and app users despite recent regulatory challenges. In a reassuring blog post, Paytm assured its merchant partners that they can continue to leverage its array of solutions, including Paytm QR codes, Soundbox, and card machines, without any disruptions.
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The blog post comes in response to a recent directive from the Reserve Bank of India (RBI) against Paytm Payments Bank Limited (PPBL), a subsidiary of Paytm. The RBI's order prohibits PPBL from accepting deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29. However, customers are permitted to withdraw or utilize balances from their accounts without any restrictions up to their available balance.
In its communication, Paytm emphasized its commitment to ensuring seamless services for both merchants and users. The company highlighted its extensive collaborations with leading banks over the past two years, enabling it to operate with a diverse range of banking partners. In cases where Paytm Payments Bank serves as the back-end bank, the company assured that it can smoothly transition services to other partner banks, thereby minimizing disruptions for merchants.
"We assure our users and merchant partners that the Paytm app and services continue to operate at full capacity. Over the past two years, our collaborations with large banks have not only expanded but also progressed positively, allowing us to operate with a range of banking partners to support our services. In instances where our associate Paytm Payments Bank acts as a back-end bank, we can seamlessly transition these services to other partner banks. This ensures that our merchant partners face no disruptions, no need to revisit existing setups, and no additional effort. They can continue to benefit from our pioneering solutions such as Paytm QR codes, Soundbox, and card machines, just as before," said the company in the blog post.
The blog post also expressed gratitude for the overwhelming support from merchants, citing several leading companies across various sectors, including retail and entertainment, that have expressed satisfaction with their association with Paytm.
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"Understanding the critical role of digital payments in today’s fast-paced world, merchants have placed their trust in our ability to simplify and secure their payment processes. Leading industry players across retail, entertainment, and beyond—such as Arvind Limited, Smaaash, BIBA, and more—stand testament to the strength of our partnerships, having experienced firsthand the benefits of our seamless payment solutions," the blog post said.
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