Will Paytm’s UPI service continue after February 29? Here’s what company said
Paytm UPI service will continue to work normally after February 29 despite the RBI's action on the Paytm Payments Bank (PBBL). The company said it was working with other banks for changes in the back-end to ensure continuity of the UPI.
Paytm on Monday said that its UPI service will continue to work as normal and the company was working with other banks for changes in the back-end to ensure continuity of the system.
Paytm UPI service comes under the Paytm Payments Bank (PBBL), which has been barred by the Reserve Bank of India (RBI) from providing crucial services to users, including Paytm Wallet top-ups, after February 29.
On January 31, the RBI ordered PBBL to not take any further deposits conduct credit transactions, or carry out top-ups on any customers’ accounts, prepaid instruments, wallets, or cards for paying road tolls after February 29.
“UPI on Paytm will continue to operate as normal. We are working in the back end to connect with other banks to ensure seamless continuity of service. Users are not required to do anything additional,” a Paytm spokesperson was quoted by news agency PTI as saying.
In December last year, PPBL was recognized as the top UPI beneficiary among banks by the National Payments Corporation of India (NPCI), having received 283.5 crore transactions and remitted 41 crore transactions within that month alone. Paytm Payment Bank App processed 144.25 crore transactions amounting to Rs 16,569.49 crore during the same period.
Furthermore, Paytm’s Bharat Bill Payment Operating Unit (BBPOU), which falls under PPBL, continues to facilitate bill payments for utilities, school, and university fees, among other services.
Paytm officials have confirmed that all bill payments and recharges can still be conducted through the app without any disruption.
“Please be informed that Paytm users can continue using the App for all bill payments and recharges, like always. Paytm continues to support a wide range of payment options for your convenience,” a Paytm spokesperson said when asked about the impact of the RBI move on bill payments through BBPOU, PTI reported.
The RBI has directed the PBBL to stop accepting deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29.
Withdrawal or utilization of balances by its customers from their accounts, including savings bank accounts, current accounts, prepaid instruments, FASTags, and National Common Mobility Cards, are to be permitted without any restrictions, up to their available balance.
