In a recent development, CEO Vijay Shekhar Sharma of Paytm has assured users that essential services such as Paytm QR, Soundbox, and EDC (Electronic Data Capture) will remain operational beyond March 15, 2024. This affirmation, communicated through a tweet, references point 21 of the RBI FAQs released on February 16, 2024.
Sharma’s tweet serves to reassure users, emphasizing the seamless continuity of these services without any interruptions. He urges users to dismiss any circulating rumors and affirms a commitment to providing uninterrupted service.
Point 21 of the RBI FAQs clarifies that users can continue to utilize services linked to bank accounts other than Paytm Payments Bank for fund transfers and receipts, even after March 15, 2024. This clarification particularly provides relief to merchants who rely on Paytm QR codes, Soundbox, or POS terminals connected to accounts other than Paytm Payments Bank.
Paytm QR, Soundbox and EDC (card machine) will continue to work like always, even after March 15.
The latest FAQ issued by RBI on point #21 clarifies it unambiguously.
Do not fall for any rumour or let anyone deter you to championing Digital India ! https://t.co/ts5Vqmr6qh— Vijay Shekhar Sharma (@vijayshekhar) February 16, 2024
Simultaneously, the Reserve Bank of India (RBI) has extended the deadline for Paytm Payments Bank Limited (PPBL) to halt crucial services, including credit transactions, deposits, wallet services, and FASTags, until March 15, 2024.
Paytm QR, Soundbox, Card machines will continue to work as always, even beyond March 15, confirms RBI #PaytmKaro pic.twitter.com/FTzPyE9yxs
— Paytm (@Paytm) February 16, 2024
The extension of this deadline aligns with the interests of customers and merchants who may require additional time to make alternative arrangements, underscoring the importance of ensuring a smooth transition for all stakeholders.