TECH
Paytm working with other banks to continue UPI services on its app
After RBI’s punitive order, Paytm is working with other banks to make changes in the backend for continuity of UPI services.
After RBI’s punitive order, Paytm is working with other banks to make changes in the backend for continuity of UPI services.
Will UPI service cease to work on Paytm? The fintech firm has denied such possibilities and said on Monday that it is working with other banks to make changes in the backend for continuity of UPI services.
Paytm’s UPI service falls under the Paytm Payments Bank, which has been barred by the Reserve Bank of India (RBI) from taking money from customers after 29 February.
Paytm will have to now connect with other banks if it wants to offer UPI service.
Paytm Payments Bank was the top UPI beneficiary among banks in December with 283.5 crore transactions, according to the National Payments Corporation of India (NPCI). During the month, 41 crore transactions were remitted. Customers made 144.25 crore transactions on the Paytm Payments Bank App worth Rs 16,569.49 crore in December.
Paytm’s Bharat Bill Payment Operating Unit (BBPOU) business also falls under Paytm Payments Bank. The service facilitates bill payments of utilities, school and university fees.
“Paytm users can continue using the App for all bill payments and recharges, like always. Paytm continues to support a wide range of payment options for your convenience,” PTI quoted a Paytm spokesperson as saying.
On 31 January, the RBI directed Paytm Payments Bank to stop accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after 29 February.
Withdrawal or utilisation of balances by its customers from their accounts, including savings bank accounts, current accounts, prepaid instruments, FASTags, and National Common Mobility Cards, are to be permitted without any restrictions, up to their available balance.
Paytm Wallet users can continue to carry on transactions till 29 February. However, after 29 February, they will be able to use their existing balance till the time it is exhausted, but cannot add any money to their account.
The same rule is applicable to Paytm Payments Bank accounts, Paytm wallet-linked services like Fastag, and National Common Mobility Cards that are used for travel in the metro and other public transport.
