Paytm QR, Soundbox, Card Machine to work beyond March 15; nodal accounts moved to Axis Bank
New Delhi, Feb 16 (IANS) Leading payments and financial services company Paytm on Friday reassured its users that its mobile app, including the widely-used Made in India QR code, Soundbox, and Card Machine will remain operational without interruption even after March 15.
IANS
Feb 16, 2024 11:34
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This comes after a list of Frequently Asked Questions (FAQ) was released by the Reserve Bank of India (RBI) on Friday, which confirmed that its merchant payment devices will remain unaffected and work normally.
The company also announced that it has transitioned its nodal account to Axis Bank by opening an Escrow Account to ensure uninterrupted merchant settlements. This arrangement is expected to seamlessly replace the nodal account previously used with the Paytm Payments Bank.
Following the FAQs, the company ensures continuing payment services for its millions of users and focuses on business growth with strict compliance of the regulatory guidelines.
“We are committed to providing seamless service to our merchant partners, with focus on compliance and regulatory guidelines. We assure our users that the Paytm app, and our pioneering devices like Paytm QR, Soundbox, and Card Machine will continue to work as always,” said a Paytm spokesperson in a stock exchange filing.
“The shift of the nodal account to Axis Bank (by opening an Escrow Account) will ensure seamless merchant settlements as before. We strive to continue to empower Indians, contributing significantly to the country's financial inclusion journey," the spokesperson added.
Paytm's Founder and CEO, Vijay Shekhar Sharma, took to X to reassure its vast user base.
“Paytm QR, Soundbox, and EDC (Card Machine) will operate as usual, even after March 15,” he said.
He urged also the users not to be swayed by rumours and to continue supporting Digital India.
