Paytm issues FAQs: What works after March 15? Here’s what users must know
Hours after troubled fintech Paytm received a third-party application provider (TPAP) license from the National Payments Council of India (NPCI), the company issued frequently-asked questions (FAQs) for users just a day ahead of the closure of its Paytm Payments Bank (PPBL) arm.
The Reserve Bank of India (RBI) had directed PPBL to wind down services from March 15 after it was subjected to regulatory scrutiny due to non-compliance of KYC norms and other mandated processes.
‘’In light of the recent development, users may have questions regarding the functionality of Paytm app. Users and merchants must note that the Paytm app is working and will continue to do so even after March 15, 2024,” Paytm clarified in a statement on March 15.
In its list of FAQs, the fintech clarified that 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,” said Paytm.
All other services on the Paytm app, including movies, events, travel (metro, flight, train, bus) ticket bookings, and more, remain fully operational. Users can also 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.
“We are expanding our financial services distribution platform in partnership with leading institutions. Paytm is committed to creating an inclusive next-generation financial ecosystem for our users across the country,” said Paytm spokesperson.
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Published: 15 Mar 2024, 08:47 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.