Paytm app, QR codes, Soundbox, card machines to remain fully operational beyond March 15: Digital payments firm to users

Paytm latest news: Digital payments firm Paytm has assured users and merchants that its mobile app will continue to work after March 15 as it remains committed to providing its users and merchants “a seamless payment experience”. Seeking to allay users’ concerns about the functionality of the mobile app ahead of a March 15 deadline for Paytm Payments Bank to cease operations, Paytm released an updated document addressing 14 FAQs. 

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A Paytm spokesperson said the company is expanding its financial services distribution platform in partnership with leading institutions, and remains committed to “creating an inclusive next-generation financial ecosystem for our users across the country”.

Meanwhile, One97 Communications, Paytm's parent, has received approval from the National Payments Corporation of India (NPCI) to participate in the country's UPI platform as a third-party application provider (TPAP), which will essentially enable the company's customers to use the Paytm mobile app for making payments through the payments interface.

Here’s the full list of FAQs answered by Paytm: 

1. Will mobile app Paytm and its services continue to work beyond March 15?

Yes, users can continue using services on the Paytm app without any interruption. 

2. Will Paytm QR code, Soundbox, card machines continue to operate seamlessly?

Yes, Paytm QR codes, Soundbox, and card machines also remain fully operational. This ensures continued convenience for millions of users and merchants who rely on these services for their daily transactions.

3. Can I continue to avail all other services on Paytm App such as movies, events, travel (metro, flight, train, bus) ticket bookings?

All other services on the Paytm app, including movies, events, travel (metro, flight, train, bus) ticket bookings, and more, remain fully operational.

4. Can I continue to make mobile/internet recharges, pay utility bills, and other services on Paytm App?   

Users can continue to recharge their mobile phone, DTH or OTT subscriptions, and pay all utility bills (electricity, water, gas, internet) with ease directly through the Paytm app.

5. Can I continue to avail of restaurant offers on Paytm Deals?

Yes, Paytm Deals will continue to work uninterrupted even after March 15, as before. Users can continue to enjoy all the offers and discounts without any disruption.    

6. Can I book a cylinder on Paytm app and pay my piped gas bill, also apartment electricity bill on Paytm app?

Yes, you can continue to use the same 

7. Will I be able to buy insurance and also pay the premium for my insurance using Paytm app? 

Yes, users can continue to buy new insurance policies for bike, car, health, and more; or pay premiums using Paytm app.

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8. Can I buy FASTag or recharge my other banks' FASTag on Paytm app?

Yes, we are already offering HDFC Bank FASTags and also offer the FASTag recharge of other partnered banks on the Paytm app. However, you can not purchase Paytm Payments Bank FASTags though you can recharge it before 15th March and use the balance until it’s exhausted. 

9. Are my investments in Equity, Mutual Funds, or NPS safe?

Yes, customers' investments in Equity, Mutual Funds, or NPS with Paytm Money are working. Paytm Money Limited is SEBI-regulated and fully compliant.

10. Can I continue to buy or sell gold on Paytm app?

Yes, you can continue to buy or sell digital gold on the app. Also, your Paytm Gold Investments are working and are protected with MMTC-PAMP. 

11. Can I pay my credit card bill on Paytm app?

Yes, you can continue to pay the same.

12. Will UPI services on Paytm continue even after March 15?

The National Payments Corporation of India (NPCI) has granted approval to One97 Communications to participate in UPI as a third-party application provider (TPAP) under the multi-bank model. Earlier, the RBI had advised the NPCI to validate Paytm's TPAP licence. 

13. Will my money get settled without issues?

The settlement in your existing Paytm Payments Bank Ltd. account will proceed without any issue until March 15, 2024. The balance in the account can be withdrawn even beyond March 15, 2024. 

However, we recommend that you change your settlement account in the Paytm for Business app from Paytm Payments Bank Ltd. to any of your other savings or current accounts held with other banks to ensure seamless settlements.

14. How can merchants change their settlement bank account from PPB to another bank?

Merchants can change the settlement account by opening the ‘Change settlement account’ page through the business profile or settlement settings option on the left menu. Then click on the change button on the settlement account. In the last step, they can choose an existing account, click save and enter OTP or select add a new bank account option and then enter the necessary details.

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