Amid the ongoing crisis post RBI curb on Payments Bank business, Paytm has partnered with Axis Bank for the settlement of merchant payments.
The company issued a release stating that One97 Communications has shifted its nodal account to Axis Bank via an escrow account that it has opened with it.
The shift of nodal account to Axis Bank will ensure seamless merchant settlements as before, the release from One97 Communications added.
According to One97 Communications, the parent company of Paytm, Paytm QR, Soundbox and card machine will continue to operate seamlessly for all their merchant partners. Additionally, the Reserve Bank of India (RBI) has confirmed the continued seamless functionality of Paytm QR, Soundbox, and card machines beyond March 15.
“We are committed to providing seamless service to our merchant partners, with a focus on compliance and regulatory guidelines. We assure our users that the Paytm app, and our pioneering devices like Paytm QR, Soundbox card machine will continue to work as always,” Paytm Spokesperson’s statement read.
The shift of the nodal account to Axis Bank (by opening an Escrow Account) will ensure seamless merchant settlements as before. We strive to continue to empower Indians, contributing significantly to the country’s financial inclusion journey, it added.
Paytm’s nodal account is its master account where all the transactions by customers and merchants are settled.