Paytm QR, Soundbox, Card machines to work beyond March 15, says company in exchange filing

Fintech giant Paytm in its filing with the NSE and BSE confirmed that the Paytm app, including its Made-in-India All-in-One QR Code, Soundbox, and Card Machine, will continue to operate seamlessly even after March 15, 2024. The filing highlighted that the Reserve Bank of India (RBI) had also confirmed this through its released list of FAQs.

The mobile payments pioneer has reassured its merchant partners that its devices will continue to operate at full capacity.

They can continue to benefit from Paytm's pioneering solutions such as Paytm QR codes, Soundbox, and Card Machines, just as before, the filing said.

The filing further stated that Paytm's parent company - One 97 Communications Ltd - has shifted its nodal account to Axis Bank (by opening an Escrow Account) to continue seamless merchant settlements as before.

"We are committed to providing seamless service to our merchant partners, with focus on compliance and regulatory guidelines. With this guidance, we assure our users that the Paytm app, and our pioneering devices like Paytm QR, Soundbox, Card Machine will continue to work as always. The shift of the nodal account to Axis Bank (by opening an Escrow Account) will ensure seamless merchant settlements as before. We strive to continue to empower Indians, contributing significantly to the country's financial inclusion journey," said a Paytm spokesperson in its filing.

Earlier on Friday the RBI gave Paytm payments bank a 15 day extension on accepting deposits and issued a series of FAQs in response to customer queries.