UPI service on Paytm will continue to work as normal as the company is working with other banks to make changes in the back-end for continuity of its services, the company said on Monday.
The company is actively collaborating with other banks to implement necessary changes in the backend, ensuring seamless continuity of its services.
While PPBL, the entity overseeing Paytm's UPI services, faces constraints on accepting money from customers after February 29, the company is working to connect with other banks to maintain normal UPI operations. Paytm's spokesperson said that users don't need to take any additional actions.
"UPI on Paytm will continue to operate as normal. We are working on 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.
In December, PPBL topped the list of UPI beneficiaries with 283.5 crore transactions, as reported by the National Payments Corporation of India (NPCI).
Despite the RBI directive affecting Paytm Payments Bank's ability to accept deposits or top-ups after February 29, Paytm ensures that its UPI and bill payment services, including the Bharat Bill Payment Operating Unit (BBPOU), will continue without disruption. Users can still utilize the Paytm app for bill payments, recharges, and other transactions, with the company maintaining support for various payment options.
The RBI's instructions allow customers to withdraw or utilize their balances without restrictions until exhausted. Paytm Wallet users can carry out transactions until February 29, after which they can use their existing balance until depleted, but they won't be able to add any more funds. This applies to PPBL accounts, Paytm wallet-linked services like Fastag, and National Common Mobility Cards used for public transport.
(With PTI inputs)
