Leading fintech giant Paytm has moved swiftly to allay any concerns among its user base regarding the continuity of its services. The company has announced that its mobile app, along with its popular Made in India QR code feature, Soundbox, and Card Machine, will remain fully operational beyond March 15.
This assurance comes hot on the heels of the Reserve Bank of India (RBI) releasing a set of Frequently Asked Questions (FAQs) confirming that Paytm's merchant payment devices will not be affected and will continue to function normally.
In addition to this, Paytm has also disclosed its transition of the nodal account to Axis Bank, effectively establishing an Escrow Account to facilitate uninterrupted settlements for merchants. This strategic move replaces the previous nodal account system utilized in conjunction with the Paytm Payments Bank.
In line with regulatory guidelines, Paytm reiterates its commitment to delivering seamless payment services to its vast user base, while also emphasizing its dedication to business growth.
“We are committed to providing seamless service to our merchant partners, with focus on compliance and regulatory guidelines. We assure our users that the Paytm app, and our pioneering devices like Paytm QR, Soundbox, and Card Machine will continue to work as always,” a spokesperson from Paytm affirmed this commitment in a recent stock exchange filing, according to news agency IANS.
Furthermore, the spokesperson emphasized the significance of transitioning the nodal account to Axis Bank through the establishment of an Escrow Account, ensuring uninterrupted merchant settlements. They underscored Paytm's ongoing mission to empower Indians and contribute significantly to the nation's journey toward financial inclusion.
Echoing this sentiment, Paytm's Founder and CEO, Vijay Shekhar Sharma, reiterated the continuity of essential services beyond March 15. "Paytm QR, Soundbox, and EDC (Card Machine) will operate without interruption," he affirmed, urging users to disregard any rumors and maintain their support for Digital India.
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