Paytm Receives Merchant Support Amid RBI Bar on Paytm Payments Bank
- ByStartupStory | February 12, 2024
One97 Communications, the parent company of the Paytm brand, has received support from merchants, assuring them of the continuity of services without any disruption, according to a blog post on Sunday. The post comes amidst the recent crisis surrounding Paytm Payments Bank Limited (PPBL), which has been barred by the RBI from accepting deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29.
In the blog post, Paytm stated that withdrawal or utilization of balances by its customers from their accounts, including savings bank accounts, current accounts, prepaid instruments, FASTags, and National Common Mobility Cards, will be permitted without any restrictions up to their available balance. The company assured its users and merchant partners that the Paytm app and services continue to operate at full capacity. In cases where Paytm Payments Bank acts as a back-end bank, the company can seamlessly transition these services to other partner banks to ensure that merchant partners face no disruptions or additional effort.
Paytm emphasized that its merchant partners can continue to benefit from solutions like Paytm QR codes, Soundbox, and card machines, just as before. The blog highlighted leading industry players across retail, entertainment, and other sectors, such as Arvind Limited, Smaaash, BIBA, and more, who have experienced firsthand the benefits of Paytm’s seamless payment solutions and expressed satisfaction with their association with Paytm.
Testimonials from Hotspot Retail Private Limited Chief Operating Officer Satya N Satyendra and other companies like Advaith Hyundai, Smaash, BIBA Fashion, and Arvind Limited, which runs brands like Calvin Klein and Tommy Hilfiger, were shared in the blog, endorsing Paytm’s innovative products and services.
The blog concluded by stating that the strong support from enterprise leaders underscores Paytm’s key role in reshaping India’s digital payment sector and solidifies its position as a reliable partner for businesses nationwide. Paytm expressed gratitude for the support and reiterated its commitment to providing unparalleled service and support to its partners and customers.
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