The Gossip

Paytm has assured its users that the UPI service will remain unaffected and continue to function seamlessly even after February 29, despite the regulatory actions taken against.

Paytm Payments Bank (PBBL) by the RBI. The company has stated that it is collaborating with other banks to implement necessary modifications in the back-end system, ensuring uninterrupted UPI services for its customers. Paytm has reassured its users that its UPI service will remain unaffected and will continue to function smoothly. The company is actively collaborating with other banks to make necessary modifications in the back-end infrastructure, ensuring uninterrupted service for its customers. It is important to note that Paytm’s UPI service is a part of Paytm Payments Bank (PBBL), which has faced restrictions from the Reserve Bank of India (RBI) in offering certain services, such as Paytm Wallet top-ups, after February 29. On January 31st, PBBL was directed by the RBI to cease accepting additional deposits, engaging in credit transactions, or facilitating top-ups on customers’ accounts, prepaid instruments, wallets, or cards for road toll payments beyond February 29th. According to a Paytm spokesperson, the UPI service on Paytm will continue to function normally. They are currently working behind the scenes to establish connections with other banks in order to ensure a seamless continuation of service. Users do not need to take any additional actions.

In December of last year, Paytm Payment Bank App was recognized as the top UPI beneficiary among banks by the National Payments Corporation of India (NPCI). During that month alone, they received 283.5 crore transactions and remitted 41 crore transactions. Additionally, the Paytm Payment Bank App processed 144.25 crore transactions amounting to Rs 16,569.49 crore during the same period.

Furthermore, Paytm’s Bharat Bill Payment Operating Unit (BBPOU), which is a part of Paytm Payment Bank App, will continue to facilitate bill payments for utilities, school fees, university fees, and other services. Paytm officials have confirmed that all bill payments and recharges can still be conducted through the app without any disruptions.

When asked about the impact of the RBI’s move on bill payments through BBPOU, a Paytm spokesperson stated that users can continue to use the app for all bill payments and recharges as usual. Paytm continues to support a wide range of payment options for user convenience.

The RBI has directed Paytm Payment Bank App to stop accepting deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29. However, customers are still able to withdraw or utilize their balances from their accounts, including savings bank accounts, current accounts, prepaid instruments, FASTags, and National Common Mobility Cards, without any restrictions, as long as they have available balance.