Paytm Assures Merchants: QR Codes to Function as Usual Beyond February 29

Paytm assures merchants: QR codes to function normally beyond Feb 29.

  • Paytm assures merchants: QR codes to function normally beyond Feb 29.
  • Backend migration ensures uninterrupted service for merchants and customers.
  • Paytm in talks with leading banks to ensure seamless transition and ongoing services.

Paytm reassures merchants that its QR codes will continue to operate seamlessly even after February 29, 2024, following RBI directives. Despite recent regulatory actions against Paytm Payments Bank Ltd (PPBL), Paytm ensures that payment devices and services remain unaffected for merchants and customers.

The fintech giant clarifies that while some merchants had repayment arrangements tied to PPBL accounts, efforts are underway to migrate settlement accounts to alternative banks, ensuring uninterrupted service. This backend transition, akin to mobile number portability, aims to prevent disruptions for merchants and customers alike.

Moreover, Paytm is in discussions with prominent banks to establish partnerships, guaranteeing a smooth transition and ongoing services for merchant partners. The recent RBI directives regarding PPBL underscore the central bank’s commitment to safeguarding customer interests, emphasizing the importance of regulatory compliance and customer protection in the fintech sector.