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85% Paytm wallet users not to face disruption; rest asked to link wallet to other banks: RBI Guv

Economic Times

Economic Times · 1y ago

85% Paytm wallet users not to face disruption; rest asked to link wallet to other banks: RBI Guv

RBI Governor Shaktikanta Das has stated that around 80-85% of Paytm wallet users will not face any disruption due to recent regulatory actions. The Reserve Bank of India (RBI) had barred Paytm Payments Bank Ltd (PPBL) from certain activities and set a deadline of March 15 for users to link their wallets to other banks. The governor emphasized that the RBI supports innovation in the fintech sector and clarified that the regulatory action was directed at PPBL, not fintech companies in general. The National Payments Corporation of India (NPCI) is expected to make a decision on the Paytm payment app license soon. Das also expressed optimism about India's economic growth surpassing the projected figures.

Related News

80-85% Paytm wallet users not to face disruption: RBI Governor Shaktikanta Das

Inshorts · 1y ago

80-85% Paytm wallet users not to face disruption: RBI Governor Shaktikanta Das

RBI Governor Shaktikanta Das on Wednesday said that 80-85% Paytm wallet users will not face any disruption because of regulatory actions, and the remaining users have been advised to link their wallets to other banks. The deadline for linking the wallet attached with Paytm Payments Bank Ltd with other banks has been fixed for March 15.

Nearly 85% Paytm App Users Won’t Be Impacted By Curbs On PPBL: RBI Guv

Inc42 · 1y ago

Nearly 85% Paytm App Users Won’t Be Impacted By Curbs On PPBL: RBI Guv

The Reserve Bank of India (RBI) governor, Shaktikanta Das, has stated that the recent restrictions imposed on Paytm Payments Bank Ltd (PPBL) will not affect around 80-85% of Paytm's app users. He explained that most Paytm users have their transactions linked with other banks, so they will not be impacted by the regulatory action. The challenge lies in migrating the remaining 10-15% of PPBL users to other banks before the March 15 deadline. Das also emphasized that the RBI's action is against a regulated entity and not against the fintech ecosystem as a whole.

Get QR code from another bank: RBI to merchants on Paytm Bank deadline

Inshorts · 1y ago

Get QR code from another bank: RBI to merchants on Paytm Bank deadline

RBI on Friday asked merchants, who are Paytm Payments Bank customers, to obtain new QR codes linked to an account with another bank or wallet. "After March 15...you'll not be able to receive any credit into your bank account or wallet with Paytm Payments Bank," RBI told merchants. Refunds, cashbacks, sweep-in from partner banks or interest will still be permitted.

Paytm reassures services remain unaffected after RBI Guv remarks

Economic Times

Economic Times · 1y ago

Paytm reassures services remain unaffected after RBI Guv remarks

Paytm has reassured its users and merchants that its services continue to be operational and unaffected, following comments by RBI governor Shaktikanta Das. The company stated that it is accelerating partnerships with banks and that Paytm QR, Soundbox, and card machines will work as usual. The RBI deputy governor clarified that the action taken against Paytm is regulatory in nature and was initiated after persistent non-compliance.

RBI allows Paytm to migrate UPI payment business to other banks

Economic Times

Economic Times · 1y ago

RBI allows Paytm to migrate UPI payment business to other banks

The Reserve Bank of India (RBI) has approved the transfer of Paytm's UPI-based payments business from Paytm Payments Bank to four to five other banks. Paytm has been asked to stop onboarding new users until the migration is complete. The RBI has also asked Paytm to create settlement accounts with one or two banks to ensure merchant payments continue uninterrupted. Paytm is in the process of migrating accounts to Axis Bank. The National Payments Corporation of India (NPCI) has been asked to consider Paytm's request to become a Third-Party Application Provider (TPAP) for UPI operations. Several major banks, including HDFC Bank, Axis Bank, Yes Bank, and ICICI Bank, are expected to become payment service provider banks for Paytm. The clarification from the RBI will allow banks to enter the Paytm business. Additionally, banks may require fresh Know Your Customer (KYC) details from merchants to prevent fraudulent activities. The RBI directive puts Paytm on the same footing as competitors such as Google Pay, Amazon Pay, and PhonePe, who offer UPI-based payment services.

Traders' body advises traders to switch from Paytm to other payment apps in light of RBI action

Economic Times

Economic Times · 1y ago

Traders' body advises traders to switch from Paytm to other payment apps in light of RBI action

Traders' body, the Confederation of All India Traders (CAIT), has advised traders to switch from Paytm to other payment options due to RBI restrictions on Paytm wallet and bank operations. CAIT is concerned about the potential financial disruption faced by small traders, vendors, hawkers, and women who heavily rely on Paytm for their payments. The RBI imposed restrictions due to money laundering concerns and questionable dealings between Paytm and its banking arm. CAIT urges traders to take proactive measures and protect their funds.

RBI: No Fintech Industry Concerns Arise from Paytm Actions

StartupTalky

StartupTalky · 1y ago

RBI: No Fintech Industry Concerns Arise from Paytm Actions

The Reserve Bank of India (RBI) has clarified that the recent restrictions imposed on Paytm Payments Banks are a result of supervisory actions and do not pose a threat to the overall financial system. RBI Governor Shaktikanta Das emphasized the importance of compliance and stated that the restrictions are proportional to the seriousness of the situation. Paytm is actively seeking bank partnerships to transfer accounts from Paytm Payments Bank, but banks are hesitant due to regulatory concerns. Customers are encouraged to explore alternative wallet services.

RBI moves to ensure continuity of UPI payments on Paytm

VCCircle

VCCircle · 1y ago

RBI moves to ensure continuity of UPI payments on Paytm

The Reserve Bank of India (RBI) has asked the National Payments Corporation of India (NPCI) to consider Paytm's request to become a third-party application provider (TPAP) for the country's Unified Payments Interface (UPI). If approved, Paytm would require a group of banks to support its app for processing UPI payments. The RBI stated that the NPCI should bring in four to five banks capable of processing high volumes of UPI payments to serve as service providers for Paytm. The move by RBI aims to ensure the continuity of UPI payments on Paytm.

Merchants with PPBL settlement accounts won't be disrupted: Paytm

Inshorts · 1y ago

Merchants with PPBL settlement accounts won't be disrupted: Paytm

Paytm has reassured merchants with repayment arrangements through Paytm Payments Bank Ltd (PPBL) that they won't face disruption post February 29 as it is in talks with leading banks for migration. Paytm also clarified that QR codes will continue to function as usual. Payment devices such as Paytm Soundbox and card machines will also continue to remain operational.

Paytm QR Codes, Soundboxes To Remain Operational Only If Merchants Migrate To Other Banks: RBI

Inc42 · 1y ago

Paytm QR Codes, Soundboxes To Remain Operational Only If Merchants Migrate To Other Banks: RBI

According to the Reserve Bank of India (RBI) FAQs, Paytm QR codes, soundboxes, and card machines will still be operational after March 15, but only if merchants migrate to other banks. The RBI clarified that merchants can obtain a fresh QR code linked to an account with another bank or wallet to receive payments, and there will be no impact on merchants using Paytm QR codes and soundboxes linked to other bank accounts. Paytm founder Vijay Shekhar Sharma confirmed that Paytm's offerings will continue to work, but did not specify the requirement to migrate to other banks.

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