After RBI action, Paytm addresses user concerns through FAQ
PTC News Desk: A day after the Reserve Bank of India (RBI) directed Paytm Payments Bank (PPBL) to halt its widely used mobile wallet operations and other related activities, Paytm responded to user inquiries by answering frequently asked questions (FAQs).
The payments firm used X, formerly Twitter, to address user concerns with a FAQ. Paytm responded to questions in multiple posts on X after the RBI ordered its payments bank subsidiary to stop accepting new deposits in its accounts or popular wallets beginning in March.
Paytm clarified that the RBI order has no effect on user deposits in savings accounts, wallets, FASTags, or NCMC accounts and that users can continue to use their existing balances.
"You can continue to use the existing balance on your Paytm FASTag. We started our journey of working with other banks over the last two years, which we will now accelerate. We are working on effective solutions to ensure a seamless customer experience and will keep you posted," Paytm stated.
The company also clarified whether the POS machine/soundbox would function. Paytm said in a statement, "Your Paytm POS and Soundbox services remain unaffected and we will continue to onboard new offline merchants."
Markets rise pre-budget; Godrej surges 9%, Paytm plummets 20%
PM Modi applauds Nirmala Sitharaman's Budget 2024 for 'Viksit Bharat Budget'
The company clarified its Paytm Money investments. It stated, "Your investments with @PaytmMoney are safe. The recent directives on our associate bank do not affect Paytm Money's operations."
In another post, the company stated that the Paytm NCMC card will continue to work. "You can continue using the existing balances on your NCMC Cards. We started our journey of working with other banks over the last two years, which we will now accelerate."
The RBI order stated that any interest, cashback, or refunds could be credited back to Paytm customers at any time.
"No other banking services other than those...like fund transfers (irrespective of name and nature of services like AEPS, IMPS, etc), BBPOU and UPI facility should be provided by the bank after February 29, 2024," the Reserve Bank of India (RBI) had stated.
-