Paytm QR, Soundbox, Card Machine to continue working beyond March 15

Chennai:

Paytm, India’s leading payments and financial services company has announced that its Made-in-India QR Code, Soundbox, and Card Machine, will continue to work as usual beyond March 15, 2024. This assurance comes after the release of the FAQ by the Reserve Bank of India (RBI) on Friday.

The company has shifted its nodal account to Axis Bank (by opening an Escrow Account) to continue seamless merchant settlements as before. This arrangement is expected to seamlessly replace the nodal account that One97 Communications Limited (OCL) that owns the brand Paytm, and was using with its associate entity, Paytm Payments Bank Limited. Paytm Payment Services Ltd (PPSL), OCL’s wholly owned subsidiary has already been using the Axis Bank services, since its inception.

Paytm Founder and CEO Vijay Shekhar Sharma too took to X (formerly Twitter) and confirmed the same, urging users to not fall for any rumours.