RBI Confirms Paytm’s QR Code, Soundbox And Card Machine Will Continue After March 15

To ensure seamless merchant settlements as before, One 97 Communications Limited has shifted its nodal account to Axis Bank (by opening an escrow account).

Fintech major Paytm’s merchant payment services will remain uninterrupted, and will continue to work seamlessly beyond March 15, 2024, the Reserve Bank of India (RBI) has confirmed. The central bank said merchants accepting payments using a Paytm QR code, Paytm soundbox or Paytm POS terminal can continue to use the set-up if their receipt and transfer of funds is linked to any bank account other than Paytm Payments Bank. 

In an exchange filing, the company also confirmed that it will continue to empower merchants with uninterrupted payments, Paytm’s pioneering QR code, Soundbox, and Card Machine will continue to remain operational as always. Merchants can continue to utilise these services without any disruptions. 

Paytm has a strong digital ecosystem for merchants — from small shopkeepers to biggest enterprises. To ensure seamless merchant settlements as before, One 97 Communications Limited has shifted its nodal account to Axis Bank (by opening an escrow account).

"This arrangement is expected to seamlessly replace the nodal account that OCL was using with Paytm Payments Bank. Paytm Payment Services Ltd (PPSL), OCL's wholly owned subsidiary has already been using the Axis Bank services since its inception," Paytm said in the filing.

As reported earlier, the fintech giant was in talks with many leading banks for nodal accounts to be transitioned to other banks to ensure no disruption to the company’s massive merchant base. Paytm Payment Services Ltd (PPSL), OCL’s wholly owned subsidiary, has already been using the Axis Bank services since its inception.

"Over the years, Paytm has earned users and merchants’ trust by consistently delivering reliable and user-friendly payment solutions that cater to their diverse needs. Whether it's through Paytm QR codes, Soundbox, or Card Machine, merchants rely on Paytm for seamless and hassle-free payment options," the company said in a statement. 

From street vendors, small stores to malls, Paytm's products like Paytm QR, Paytm Soundbox, and Paytm Card Machines can be seen across India, participating in the digital economy.