Due to the banking division of Paytm Payments Bank Ltd. (PPBL) discontinuing important services as of today, Paytm, a prominent participant in the fintech industry in India, is suffering a setback. Following significant regulatory infractions, the Reserve Bank of India placed limitations on the bank. Consumers who are dependent on electronic payments are urged to look into other banking options.
These services to stop from today:
- Paytm Payments Bank customers can no longer deposit money into their accounts, but can still withdraw or transfer funds.
- Users will no longer get salary credits, direct benefit transfers, and subsidies in their Paytm Payments Bank account, but will still continue to get refunds, cashbacks, and sweep-ins from partner banks.
- Users cannot top-up their wallets or transfer funds from their Paytm wallet, however, they can still use the money in their wallet to pay bills.
- Customers will not be able to recharge their FASTag issued by the Paytm bank.
- Recharging NCMC cards from Paytm Bank will not be possible.
- Users won’t be able to transfer funds into Paytm Payments Bank accounts through UPI or IMPS.
- Customers can still use their Paytm balance to pay for subscriptions, but they will have to use a different bank account from March 15.
But even after March 15, the Paytm app will continue to function. You can continue to use your services even if you don’t have a Paytm Payments Bank account. As long as the Paytm app is connected to another bank, you can continue to utilize UPI services through it.
The National Payments Corporation of India (NPCI) has granted permission to One97 Communications, the parent company of Paytm, to carry on providing UPI services as a Third-Party Application Provider (TPAP). Paytm will collaborate with banks including as SBI, Yes Bank, Axis Bank, HDFC Bank, and others to manage payment services for Paytm users under this new arrangement.
For all of your bill payments and recharges, you can continue to use the Paytm app. The card machine, soundbox, and your Paytm QR code will all continue to function.
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