One97 Communications Limited (OCL) which owns the brand Paytm, the payments and financial services company, has launched a new print advertising campaign to reassure users and merchants that its QR, Soundbox and card machine will continue to work ‘today, tomorrow, and always’.
Paytm reiterated that its innovative payment devices are here to stay. The company also thanked its digital India partners, who helped the company in countering any rumours.
Also Read: Paytm FASTag, Wallet or Salary Credit, RBI FAQ Simplified For Users, Clear All Doubts Here
The ad also asked readers and its user base to refer to numbers 21 and 22 of FAQs released by the RBI that answer questions that users or merchants may have about the Paytm QR code, Soundbox and Card Machines.
From the RBI FAQs;
Q21: I am a merchant and I accept payments using a Paytm QR code, Paytm soundbox or Paytm POS terminal, linked to another bank account (not with Paytm Payments Bank). Can I continue to use this set-up even after March 15, 2024?
Yes. If your receipt and transfer of funds is linked to any bank account other than Paytm Payments Bank, you can continue to use this arrangement even after March 15, 2024.
Q22: I am a merchant and I accept payments using a Paytm QR code, Paytm soundbox, Paytm POS terminal linked to my bank account or wallet with Paytm Payments Bank. Can I continue to use this set-up even after March 15, 2024?
No. After March 15, 2024 you will not be able to receive any credit into your bank account or wallet with Paytm Payments Bank other than refunds, cashbacks, sweep-in from partner banks or interest. In order to avoid any inconvenience or disruption, it is suggested that you may obtain a fresh QR code linked to an account with another bank or wallet to receive payments. You may also change your bank account details (in which you receive payments) through your service provider.
“As pioneers of QR code, soundbox and mobile payments in India, we have always been at the forefront of the Digital revolution in India. With this ‘India’s every Paytm QR & Soundbox will keep working Today, Tomorrow, Always’ campaign, we aim to dispel any rumours, and confirm that our innovative devices will continue to empower merchant partners with seamless payments,” a Paytm spokesperson said.
(Check Full RBI FAQs On Paytm Here)
Paytm said that its payment devices have seen widespread adoption by merchants, enabling small and medium businesses to streamline payments.
On January 31, the Reserve Bank of India directed Paytm Payments Bank (PPBL) to stop accepting deposits or top-ups in any customer accounts, wallets, FASTTags and other instruments after February 29.
However, later RBI extended deadlines on certain business restrictions regarding Paytm Payments Bank Ltd (PPBL) by 15 days till March 15, 2024, as against the February 29 decided earlier. The deadlines have been extended on services like top-ups and fund transfers, while the remaining PPBL services will be shut on February 29 only.
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