RBI Confirms Paytm QR, Soundbox, Card Machine Usage Post March 15; Parent OCL Shifts Nodal Account To Axis Bank

Paytm has been steadfast in reassuring both users and merchant partners that the Paytm app and its services will maintain their full functionality. After the Reserve Bank of India (RBI) issued a circular and released a set of FAQs providing clarity on the Paytm services, the company has reassured its merchants that the Paytm app, including its Made in India All-in-One QR code, Soundbox, and EDC (Card Machine), will continue to operate seamlessly as always even after March 15, 2024.

The company emphasised that its merchant partners will experience no disruptions, requiring no adjustments to their existing setups and no additional effort on their part. They can continue to leverage Paytm's pioneering solutions such as Paytm QR codes, Soundbox, and Card Machines just as they have done before. From innovative QR codes to user-friendly interfaces, Paytm has played a pivotal role in realising the government's vision of Digital India and a cashless economy.

To ensure seamless merchant settlements as before, One 97 Communications Limited has shifted its nodal account to Axis Bank (by opening an Escrow Account). The fintech giant committed to provide solutions to its app users, including those who are customers of Paytm’s associate Paytm Payments Bank. Paytm services will continue to function as before for its consumers and merchant partners, it has confirmed.

Over the past two years, Paytm has not only expanded its collaborations with major banks but has also made significant progress in these partnerships, ensuring operational continuity with a diverse array of banking partners to support its services. It had cleared earlier that where its associate Paytm Payments Bank serves as the backend bank, Paytm has mechanisms in place to seamlessly transition services to other banking partners.

Popularly known for its groundbreaking digital payment innovations, Paytm has expanded its focus to include initiatives aimed at bringing financial services to underserved populations. Through its initiatives and services, Paytm has played a pivotal role in shaping the financial landscape of India, making financial services more accessible and inclusive for millions of people.