Users of the Paytm app can still enjoy a plethora of services, including mobile and DTH recharges, amidst the recent restrictions imposed by the Reserve Bank of India (RBI). However, certain offerings from Paytm Payments Bank, such as wallet funds, Fastag, and bank accounts, will no longer be accessible following the RBI's directives.
Effective March 15, 2024, Paytm Payments Bank users will no longer have the option to add funds to their wallets or bank accounts. Nevertheless, they can utilize their existing balance until it depletes, as clarified by Paytm in its Frequently Asked Questions (FAQ) section.
Furthermore, Paytm assures its users that they can still purchase HDFC Bank FASTags and recharge FASTags from other partnered banks through the app. Notably, while the purchase of Paytm Payments Bank FASTags is suspended, existing balances in these FASTags remain usable until exhausted.
The company emphasizes that its array of services, encompassing movie bookings, event ticketing, and travel arrangements for metro, flight, train, and bus journeys, remain fully operational. Users can seamlessly continue recharging mobile phones, DTH subscriptions, and settling utility bills, including electricity, water, gas, and internet expenses, directly through the Paytm app.
Despite the restrictions, users can still avail themselves of the UPI service, as Paytm has secured collaboration with four major banks: SBI, HDFC, YES Bank, and Axis Bank. Acting as a third-party app (TPAP), Paytm facilitates UPI transactions through its partner banks, ensuring uninterrupted service for its users.
NPCI's approval of Paytm's UPI handles underscores the continuity of service. Notably, existing handles such as @paytm can be used seamlessly without any changes required on the user's end. Additionally, NPCI has greenlit specific handles in partnership with banks like Yes Bank, HDFC Bank, and State Bank of India, albeit activation for the latter two is pending.
For merchants, Paytm suggests transitioning from PPBL bank accounts to alternate banks for accepting customer payments. Despite these changes, Paytm QR codes, Soundbox, and card machines remain fully functional, ensuring convenience for both users and merchants relying on these services for their daily transactions.
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