Paytm app users will continue to use all services like mobile and DTH recharges except for Paytm Payments Bank's offerings including wallet funds, Fastag and bank accounts, according to the company hit by RBI restrictions.
Paytm Payments Bank users will not be able to add any funds to their wallet and bank accounts but will be able to use the balance until it is exhausted, according to the RBI order.
"The RBI has issued a directive restricting Paytm Payments Bank account/wallet from accepting new deposits or allowing credit transactions after March 15, 2024.
"Please note that you will not be able to deposit or add money to your Paytm Payments Bank account/wallet after March 15, 2024.
"However, there is no restriction on withdrawal of money from your existing balance even after March 15, 2024," Paytm said in frequently asked questions (FAQ).
The company has said that users can buy HDFC Bank FASTags and also recharge FASTags of other partnered banks on the Paytm app but cannot purchase Paytm Payments Bank FASTags.
However, the balance left in the Paytm Payments Bank FASTags can be used until it is exhausted.
"All other services on the Paytm app, including movies, events, travel (metro, flight, train, bus) ticket bookings, and more, remain fully operational.
"Users can continue to recharge their mobile phone, DTH or OTT subscriptions, and pay all utility bills (electricity, water, gas, internet) with ease directly through the Paytm app," the company said.
Paytm app users can continue to use UPI service as NPCI has approved collaboration of the firm with four banks-SBI, HDFC, YES Bank and Axis Bank.
Paytm will work as a third-party app (TPAP) and facilitate UPI transactions through the partner bank.
It has got five handles in partnership with four banks to continue UPI transactions, as per an update on the NPCI website.
The company's existing handle @paytm is among the five handles that users can continue using without the need to make any changes at their end.
National Payments Corporation of India (NPCI) has approved @paytm and a closed user group UPI handle @ptyes for Paytm in partnership with Yes Bank.
NPCI has also approved @pthdfc with HDFC bank and @ptsbi with State Bank of India as a partner.
However, these two handles are not active immediately.
A Paytm spokesperson said users can continue to use @paytm handle seamlessly without the need to make any changes at their end.
The company has suggested merchants to switch from PPBL bank accounts to any other bank in which they want to accept money from customers.
"Paytm QR codes, Soundbox, and card machines also remain fully operational.
"This ensures continued convenience for millions of users and merchants who rely on these services for their daily transactions," the company said.
