Paytm has released an important update on its website regarding the functionality of its services post-March 15 and what the Paytm users should expect from the company now. They have clarified what will continue to function and what will not, particularly concerning Wallet, Fastag, and other features. Below is a comprehensive guide addressing questions regarding Paytm’s UPI service and its status beyond the specified date.
Regarding the safety of your funds, the company has clarified on its website that the Reserve Bank of India (RBI) has directed Paytm payments Bank Account/Wallet to cease accepting new deposits or credit transactions after March 15, 2024. However, there are no constraints on withdrawing funds from your existing balance, even after March 15, 2024. This directive doesn’t affect the balances in your account or wallet, ensuring that your funds remain secure with the bank.
With the extension of the deadline for the ban on Paytm Payments Bank, uncertainty persists regarding the continuity of its UPI service. Addressing this concern, Paytm has provided an official update on its website, delineating the functionality status post-March 15 for features such as Wallet, Fastag, and others. Here’s a comprehensive overview to clarify any doubts you may have.
Regarding use of Paytm for recharges, bill payments, and other transactions-
According to the latest FAQ page from the company, individuals can indeed continue using the Paytm app for all bill payments and recharges. Notably, the ban on Paytm Payments Bank will not affect users who have linked their Paytm accounts to authorized banks like ICICI, HDFC, and others. Users will retain the ability to recharge and perform any other transactions they typically conduct through Paytm. However, the RBI ban will solely impact users who have accounts with Paytm Payments Bank.
Regarding Paytm QR codes, Paytm Soundbox, and Paytm Card Machines-
According to the company, the ban will not affect the functionality of Paytm QR codes, Soundbox, and Card Machines. They are expected to continue operating seamlessly even after March 15.
Regarding use of the Paytm Payments Bank Wallet-
Yes, you can continue using, withdrawing, or transferring funds to another wallet or bank account until the balance is available in the wallet. However, it’s crucial to note that after March 15, 2024, you will no longer be able to make deposits into the wallet. Nevertheless, all refunds and cashback can still be credited to your wallet.
Regarding use of FASTag/NCMC Card issued by Paytm Payments Bank-
Certainly, you can currently utilize the FASTag/NCMC Card issued by Paytm Payments Bank. However, post-March 15, 2024, you won’t be able to recharge or add funds to it. You have the option to utilize the remaining balance or close your FASTag/NCMC Card issued by Paytm Payments Bank and request a refund from the bank.
