NEW DELHI: In its filing with the NSE and BSE on Friday, the Fintech giant Paytm confirmed that the Paytm app will continue to function flawlessly even beyond March 15, 2024. This comprises the Card Machine, Soundbox, and Made-in-India All-in-One QR Code. It was stated in the document that the Reserve Bank of India (RBI) has independently confirmed this using its FAQ list, which is accessible to the public. The pioneer of mobile payments has guaranteed continued peak performance from its devices to its merchant partners. They can still benefit from Paytm’s cutting-edge technologies, such as Card Machines, Soundboxes, and QR codes, according to the petition.According to the petition, One 97 Communications Ltd., the parent company of Paytm, moved its nodal account to Axis Bank and opened an escrow account in order to maintain smooth merchant settlements. “We are dedicated to giving our merchant partners flawless service while putting an emphasis on legal compliance and regulatory requirements. We guarantee our users that the Paytm app and our innovative gadgets, such as the Paytm QR, Soundbox, and Card Machine, will function flawlessly with this guidance. By opening an escrow account and moving the nodal account to Axis Bank, smooth merchant settlements will continue as before.In its submission, a Paytm representative stated, “We aim to continue empowering Indians, significantly contributing to the country’s journey towards financial inclusion.” The RBI earlier on Friday extended the period by 15 days for Paytm Payments Bank to accept deposits and released a number of FAQs to address concerns from customers.
