Monday, May 27, 2024

UPI service to stop on Paytm! After RBI ban Paytm said this thing

According to Paytm, UPI service will function normally while the business works with other banks to implement adjustments. The Paytm UPI service is provided by the Paytm Payments Bank (PPBL), which was prohibited from accepting payments from clients after February 29 by the Reserve Bank of India.

UPI“Paytm’s UPI will keep running normally.

To guarantee smooth service continuity, we are connecting with other banks on the back end. Users don’t need to take any more action, a Paytm representative stated, according to news agency PTI. With 283.5 crore transactions in December, PPBL was the bank that gained the most UPI benefits, according to the National Payments Corporation of India (NPCI). In December, users of the Paytm Payment Bank App transacted 144.25 crore, valued at ₹16,569.49 crore.


A Paytm representative

commented on the effect of the RBI decision on bill payments made using BBPOU, as reported by PTI, saying, “Paytm users can continue using the App for all bill payments and recharges, like always. Paytm keeps offering a variety of payment methods for your convenience.


After February 29,

the RBI ordered the Paytm Payments Bank to cease taking deposits or top-ups in consumer accounts, wallets, FASTags, and other devices. Accordingly, Paytm Wallet users can keep using their accounts till February 29. After that, they can use their current balance until it runs out, but they won’t be able to add any more funds.

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