As the pioneers of QR and mobile payments in India, Paytm has built a strong digital ecosystem for merchants from the smaller shopkeepers to the biggest enterprise and enabled them to achieve stronger growth in their digital journey. The RBI has now confirmed that Paytm’s merchant payment services will remain uninterrupted and will continue to work seamlessly as always beyond March 15.
In an exchange filing, the company also confirmed that it will continue to empower merchants with uninterrupted payments, Paytm’s pioneering QR code, Soundbox, and Card Machine will remain operational as always. Merchants can continue to utilise these services without any disruptions.
To ensure seamless merchant settlements as before, One 97 Communications Limited has shifted its nodal account to Axis Bank (by opening an Escrow Account). As mentioned earlier, the fintech giant was in talks with many leading banks for nodal accounts to be transitioned to other banks to ensure no disruption to the company’s massive merchant base. Paytm Payment Services Ltd (PPSL), OCL’s wholly owned subsidiary has already been using the Axis Bank services, since its inception.
Over the years, the fintech major has earned users and merchants’ trust by consistently delivering reliable and user-friendly payment solutions that cater to their diverse needs. Whether it’s through Paytm QR codes, Soundbox, or Card Machine, merchants rely on Paytm for seamless and hassle-free payment options.
From street vendors, small stores to malls, Paytm’s products like Paytm QR, Paytm Soundbox, and Paytm Card Machines can be found everywhere. It has helped businesses of all sizes to grow and participate in the digital economy with Paytm’s innovative mobile payment solutions.
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