Paytm UPI Service: Paytm got a big blow from RBI after the order given on January 31 in which almost all the banking services of Paytm Payments Bank have been banned.
Paytm UPI Service: Paytm said on Monday that its UPI service will continue to work normally, as the company is working with other banks to keep it running. Paytm UPI service comes under Paytm Payments Bank, which was recently barred by the Reserve Bank of India from accepting money from customers after February 29.
UPI service will continue to work normally – Paytm spokesperson said
A Paytm spokesperson said, “UPI on Paytm will continue to work as normal. We are working with several other banks to ensure continuity of UPI service without any disruption. Paytm app users and customers will have to pay a separate Rs. There is no need to do either.”
According to NPCI, Paytm was the top beneficiary in December.
According to National Payments Corporation of India (NPCI), Paytm Payments Bank Limited (PPBL) was the top UPI beneficiary among banks in December. Customers made 144.25 crore transactions worth Rs 16,569.49 crore on Paytm Payment Bank app in December, which was the highest transaction in this segment.
Bharat Bill Payment Operating Unit also provides service under Paytm Payments Bank – this will also continue.
Paytm’s Bharat Bill Payment Operating Unit (BBPOU) business also comes under PPBL. This service provides the facility of bill payment like electricity, water, school and college fees. Asked about the impact of the RBI move on bill payments through BBPOU, a Paytm spokesperson said, “Please know that Paytm users can continue to use the app for all bill payments and recharges as usual. Paytm “Will continue to offer a variety of payment options for your convenience.”
What is the crisis of Paytm Payments Bank?
On January 31, the Reserve Bank of India had issued an order to Paytm Payments Bank Limited not to accept deposits or top-ups in any customer account, prepaid mode, wallet and Fastag after February 29, 2024.
