• Source:JND
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Paytm Crisis:  To tackle a lot of misconceptions about its services, Paytm, a payment and financial service provider, launched a new print advertising campaign to reach out to users and merchants. The advertisement says Paytm's QR, Soundbox and card machine will continue to work ‘today, tomorrow, and always’.

Ever since the Reserve Bank Of India directed Paytm Payment Bank to stop its operation post-March 15, Paytm through various means reiterates that their payment devices are there in the service. The fintech company also thanked its customers and partners, who are helping the company in countering rumours.

The ad asked readers and its users to refer to FAQs No. 21 and 22 issued by RBI, which answer questions asked by consumers or merchants about Paytm QR code, soundbox and card machines.


What do questions 21, and 22 in RBI's FAQs say?

Merchants using Paytm Payments Bank to receive payments

Ques 21. I am a merchant and I accept payments using a Paytm QR code, Paytm soundbox or Paytm POS terminal, linked to another bank account (not with Paytm Payments Bank). Can I continue to use this set-up even after March 15, 2024?

Ans: Yes. If your receipt and transfer of funds is linked to any bank account other than Paytm Payments Bank, you can continue to use this arrangement even after March 15, 2024.

Ques 22. I am a merchant and I accept payments using a Paytm QR code, Paytm soundbox, Paytm POS terminal linked to my bank account or wallet with Paytm Payments Bank. Can I continue to use this set-up even after March 15, 2024?

Ans: No. After March 15, 2024, you will not be able to receive any credit into your bank account or wallet with Paytm Payments Bank other than refunds, cashbacks, sweep-in from partner banks or interest. In order to avoid any inconvenience or disruption, it is suggested that you may obtain a fresh QR code linked to an account with another bank or wallet to receive payments. You may also change your bank account details (in which you receive payments) through your service provider.

Bharat Bill Payment System (BBPS)

Ques 23. Can I make payments through the Bharat Bill Payment System (BBPS) using my account with Paytm Payments Bank?

Ans: Yes. You can continue to make payments from your Paytm Payments Bank account through the Bharat Bill Payment System up to the balance available in your account. Since you will not be able to credit any further funds into your accounts or wallets with Paytm Payments Bank after March 15, 2024, it is advised that you make alternative arrangements with another bank account for BBPS before March 15, 2024.

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