UPI service on Paytm will continue to work as regular as the corporate is working with other banks to make adjustments within the back-end for continuity of its companies, the corporate mentioned on Monday.
The firm is actively collaborating with other banks to implement obligatory adjustments within the backend, guaranteeing seamless continuity of its companies.
While PPBL, the entity overseeing Paytm’s UPI companies, faces constraints on accepting cash from clients after February 29, the corporate is working to join with other banks to keep regular UPI operations. Paytm’s spokesperson mentioned that customers do not want to take any extra actions.
“UPI on Paytm will continue to operate as normal. We are working on the back end to connect with other banks to ensure seamless continuity of service. Users are not required to do anything additional,” a Paytm spokesperson mentioned.
In December, PPBL topped the checklist of UPI beneficiaries with 283.5 crore transactions, as reported by the National Payments Corporation of India (NPCI).
Despite the RBI directive affecting Paytm Payments Bank’s means to settle for deposits or top-ups after February 29, Paytm ensures that its UPI and invoice cost companies, together with the Bharat Bill Payment Operating Unit (BBPOU), will continue with out disruption. Users can nonetheless make the most of the Paytm app for invoice funds, recharges, and other transactions, with the corporate sustaining help for varied cost choices.
The RBI’s directions permit clients to withdraw or make the most of their balances with out restrictions till exhausted. Paytm Wallet customers can perform transactions till February 29, after which they will use their present stability till depleted, however they will not have the option to add any extra funds. This applies to PPBL accounts, Paytm wallet-linked companies like Fastag, and National Common Mobility Cards used for public transport.
(With PTI inputs)
