Paytm QR code, card machine to work even after March 15 only if….

Vijay Shekhar Sharma assures that Paytm QR code, Soundbox, and EDC will continue to work after March 15

Published on: Feb 16, 2024, 18:58:47 IST

By HT News Desk

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The Reserve Bank of India clarified that the widely used Paytm QR code and Soundbox by merchants will not be affected by its action on Paytm Payments Bank if they are linked to accounts with other banks, it said in a ‘Frequently Asked Questions’ document released on Friday.

Paytm crisis: Cutlery vendor switches on Paytm, a digital payments firm, speaker to receive received payment details at a roadside market in Ahmedabad. (REUTERS/Amit Dave)

The central bank gave an additional 15 days, till March 15, to Paytm Payments Bank to stop deposits, credit transactions or top-ups in any customer accounts, wallets, and FASTags.

ALSO READ- Paytm crisis: Firm reacts amid reports of ED probing Paytm Payments Bank case

If the Paytm QR code, Paytm Soundbox is not linked to Paytm Payments Bank

• As a merchant using Paytm QR code, Paytm Soundbox, or Paytm POS terminal linked to a different bank account (not with Paytm Payments Bank), can I continue using this setup after March 15?

Yes, if your fund transactions are associated with any bank account other than Paytm Payments Bank, you can continue using this arrangement beyond March 15.

ALSO READ- Paytm Payments Bank not on list of 32 authorised banks for new FASTag. Here's why

If the Paytm QR code, Paytm Soundbox is linked to Paytm Payments Bank

• If I am a merchant accepting payments using a Paytm QR code, Paytm Soundbox, or Paytm POS terminal linked to my bank account or wallet with Paytm Payments Bank, can I continue this setup after March 15?

No, after March 15, you won't be able to receive any credit into your bank account or wallet with Paytm Payments Bank, except for refunds, cashbacks, sweep-ins from partner banks, or interest. To avoid inconvenience, it is recommended to obtain a new QR code linked to an account with another bank or wallet for receiving payments. Additionally, consider changing your bank account details (used for receiving payments) through your service provider.

Paytm chief breathes air

Vijay Shekhar Sharma took to the social media platform ‘X’ to share the RBI FAQs and highlighted that Paytm QR, Soundbox and EDC (card machine) will continue to work like always, even after March 15.

Shekhar, who holds a 51 per cent stake in Paytm Payments Bank, said, “Do not fall for any rumour or let anyone deter you from championing Digital India!”

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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