On January 31, the central bank ordered Paytm Payments Bank to stop accepting any fresh deposits in its account, or popular wallet, from February 29. The deadline was further extended to March 15.

As the deadline comes closer, multiple questions were surfaced related to the operability of the app.

Advertisement

To answer them, Paytm released a set of questions and answers related to the future course of the payments business.

Q: Will UPI services on Paytm continue even after March 15?

The Reserve Bank of India (RBI) has advised the National Payments Corporation of India (NPCI) to examine Paytm’s request for TPAP. Paytm said it is working with NPCI for the same.

Q: Will Paytm QR code, Soundbox, card machines continue to operate seamlessly?

Yes, Paytm QR codes, Soundbox, and card machines also remain fully operational. This ensures continued convenience for millions of users and merchants who rely on these services for their daily transactions.

Q: Services on Paytm App such as movies, events, travel ticket bookings? 

All other services on the Paytm app, including movies, events, travel (metro, flight, train, bus) ticket bookings, and more, remain fully operational.

Q: Can users continue to make mobile/internet recharges, pay utility bills, and other services on Paytm App? 

Users can continue to recharge their mobile phone, DTH or OTT subscriptions, and pay all utility bills (electricity, water, gas, internet) with ease directly through the Paytm app.

Q: Bill payments at the Paytm app?  

Users can continue to use Paytm app for the payment of piped gas bill, apartment electricity bill. Users can also also continue to pay their credit card bills on Paytm.

Q: What about the insurance policies, investments in Equity, Mutual Funds, or NPS?

Users can continue to buy new insurance policies for bike, car, health, and more; or pay premiums using Paytm app. Further, the customers’ investments in Equity, Mutual Funds, or NPS with Paytm Money are working. Paytm Money Limited is SEBI-regulated and fully compliant.

Q: Can users buy FASTag or recharge my other banks’ FASTag on Paytm app?

Paytm is already offering HDFC Bank FASTags and also offer the FASTag recharge of other partnered banks on the Paytm app. However, users can not purchase Paytm Payments Bank FASTags though they can recharge it before 15th March and use the balance until it’s exhausted.

Q: What about settlement of money in your existing PPBL?  

The settlement in your existing Paytm Payments Bank Ltd. account will proceed without

any issue until March 15, 2024. The balance in the account can be withdrawn even

beyond March 15, 2024.

However, Paytm recommended users to change settlement account in Paytm for Business app from Paytm Payments Bank Ltd. to any of your other savings or current accounts held with other banks to ensure seamless settlements.