Restrictions imposed by the RBI on Paytm have affected the mobile wallet’s operation across the nation. Paytm Payments Bank has allegedly been subject to limitations by the Reserve Bank of India (RBI) as a result of the company’s “persistent non-compliance” with the rules. The actions, which take effect on February 29, are reportedly having an effect on a number of Paytm’s functions.
What impact will the events of February 29 have on Paytm services?
Account Operations: It has been reported that there will be a temporary halt to new deposits, credit transactions, top-ups, and withdrawals. No new users could be added to the platform after the specified date.
Paytm Wallets, FASTags, and Mobility Cards: Users are still able to utilize their current balances in Paytm Wallets, FASTags, and Mobility Cards. But after that time, the site won’t accept any further deposits or recharges.
Merchant Services: A variety of businesses employ merchant services, such as Paytm QR, Soundbox, and Card Machine. These include department shops, malls, vegetable sellers, and even street vendors selling shoes. There won’t be any obstacles in the way of the offline merchant onboarding process after February 29.
UPI Payments: Upon the specified date, the services will stay unchanged, guaranteeing smooth transactions.
Paytm Stock Accounts and Mutual Funds: It is said that investments made using Paytm Money are safe and would not be impacted by RBI regulations. Conversely, the Paytm Money activities would continue to adhere to SEBI standards.
Additional PayTM Services: There won’t be any changes to the way users may reserve movies and tickets for trips on the site.
As a result, after February 29, the platform will function regularly on the Paytm app.
What remarks did the CEO make on Paytm’s functionality after February 29?
Users may rest easy knowing that Paytm’s CEO, Vijay Shekhar Sharma, has promised them that the app would be working as usual even after the regulatory changes. In addition, negotiations with regulatory agencies are in progress to guarantee observance of and compliance with UPI service rules.