Merchants with Paytm QR do not need to look for alternatives, these are the facts

New Delhi (Uttam Hindu News): QR and mobile payments pioneer Paytm on Tuesday announced that its QR codes will continue to work as usual, allowing merchants to accept payments even after February 29, 2024. Payment instruments like Paytm Soundbox and card machines will also remain operational as usual. Some merchants have set up repayment arrangements through the PPBL bank account, as settlements were being processed there. Now we need to transfer their settlement account to another bank of their choice, so that settlements can continue to be received and repayments can proceed seamlessly.

Now the transfer of settlement account of Paytm merchants to the bank of their choice will happen on the back-end, a process similar to mobile number portability. The company said, this will not affect merchants and customers. The company is in talks with major banks in India and will partner with one of them to ensure that traders do not face any disruption.

Over the past two years, Paytm has collaborated with several banking partners for a range of services, a company spokesperson said. For services like Paytm QR where Paytm Payments Bank acts as the back-end bank, these services will seamlessly transfer to other partner banks. This means the service will remain continuously available to its merchant partners.

Following an update by the RBI during the Monetary Policy Committee regarding Paytm Payments Bank, the Deputy Governor emphasized that the opportunity to partner with Paytm Payments Bank will be the prerogative of the banks, thereby providing an opportunity to the ongoing partnership between Paytm Payments Bank and other banking institutions. And the way for possible cooperation will be paved. Such partnerships will aim to establish a strong framework to offer new financial solutions to customers.

Paytm management assured that there will be no disruption to merchants and their payment services. Businesses of all sizes, from bustling metros to remote rural areas, are adopting Paytm’s innovative solutions. Merchants from every corner of the country are actively supporting the Paytm brand, contributing to its stronghold as a leading player in India’s payments landscape. These broad endorsements help strengthen Paytm’s reputation as a trusted partner for businesses across the country, solidifying its position at the forefront of India’s rapidly growing payments industry.