Paytm Gets Merchant Support; Assures Uninterrupted Services Without Disruption

One97 Communications pledged to smoothly transition services associated with Paytm Payments Bank to other partner banks, ensuring no inconvenience for merchant partners

Paytm addressed apprehensions of merchants through a blog post, emphasising the continuation of Paytm services without disruption.

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One97 Communications, the parent company of Paytm, in a statement issued on Sunday said that it has received support from merchants and it assured them of continuity of services without any disruption amid the crisis engulfing Paytm Payments Bank Limited (PPBL). Following the Reserve Bank of India's (RBI) decision to bar PPBL from accepting deposits or top-ups in various customer accounts and instruments after February 29, concerns among merchants and users have escalated.

One97 Communications addressed these apprehensions through a blog post, emphasising the continuation of Paytm services without disruption. The fintech firm pledged to smoothly transition services associated with Paytm Payments Bank to other partner banks, ensuring no inconvenience for merchant partners.

Merchants and users were reassured in the blog post that they could continue utilising Paytm services to their fullest extent, including solutions such as Paytm QR codes, Soundbox, and card machines.

Key industry players, including Arvind Limited, Smaaash, BIBA, among others, were referenced in the blog post as testaments to the reliability and efficacy of Paytm's payment solutions. Representatives from Hotspot Retail Private Limited also endorsed Paytm's services, highlighting its innovation and reliability over the past two years.

"We have been working with Paytm for two years, and they have always been at par when it comes to their innovative products and services. I strongly recommend everyone to continue using Paytm services as before," the blog quoted Hotspot Retail Private Limited Chief Operating Officer Satya N Satyendra as saying.

Additionally, testimonials from companies such as Advaith Hyundai, Smaash, BIBA Fashion, and Arvind Limited underscored their satisfaction with Paytm's offerings.

The blog post concluded by accentuating Paytm's significant role in India's fintech revolution and its unwavering commitment to providing unmatched service and support to partners and customers across the nation.

Meanwhile, a recent survey conducted by Kirana Club has unveiled a significant shift in payment application usage among kirana stores across India. Released on Thursday, the survey reveals that 42 per cent of local kirana outlets have already transitioned to alternative mobile payment applications subsequent to the announcement made on January 31.

The findings highlight a tangible departure from conventional payment methods as more kirana stores embrace digital payment solutions. Moreover, the survey indicates that 20 per cent of respondents have expressed their intention to migrate to alternative payment apps in the near future, signaling a continuing trend away from traditional transaction mechanisms.