Will UPI service continue on Paytm? Company's response

Paytm UPI: The RBI directed the Paytm Payments Bank to stop accepting deposits or top-ups in customer accounts. Will UPI be affected?

Published on: Feb 6, 2024, 09:43:25 IST

By HT News Desk

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Paytm said that UPI service on Paytm will continue to work as normal as the company is working with other banks to make changes. Paytm UPI service falls under the Paytm Payments Bank (PPBL), which was barred by the Reserve Bank of India from taking money from customers after February 29.

Paytm UPI services: A QR code for the Paytm digital payment system at a store in Mumbai. (Bloomberg)

"UPI on Paytm will continue to operate as normal. We are working in the back end to connect with other banks to ensure seamless continuity of service. Users are not required to do anything additional," a Paytm spokesperson said as per news agency PTI.

As per the National Payments Corporation of India (NPCI), PPBL was the top UPI beneficiary among banks in December with 283.5 crore transactions it received during the month. Customers made 144.25 crore transactions on the Paytm Payment Bank App worth ₹16,569.49 crore in December.

Read more: Paytm's Vijay Shekhar Sharma tells employees amid crisis: 'Don't know what…'

On the impact of the RBI move on bill payments through BBPOU, a Paytm spokesperson said as per PTI, "Please be informed that Paytm users can continue using the App for all bill payments and recharges, like always. Paytm continues to support a wide range of payment options for your convenience".

The RBI directed the Paytm Payments Bank to stop accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29.

This means that Paytm Wallet users can continue to carry on transactions till February 29 but after that they will be able to use their existing balance till the time it is exhausted but cannot add any money to their account.

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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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