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Paytm shifts nodal account to Axis Bank, Soundbox to continue to work

Livemint

Livemint · 2y ago

Paytm shifts nodal account to Axis Bank, Soundbox to continue to work

Paytm has transferred its nodal account to Axis Bank as an escrow account, as announced by One97 Communications. This move comes after the Reserve Bank of India extended the deadline for Paytm Payments Bank until March 15. Paytm reassures its merchant partners that its QR code, Soundbox, and card machine will continue to operate seamlessly. The shift to Axis Bank aims to ensure uninterrupted merchant settlements and maintain compliance with regulatory guidelines. Paytm currently has over 300 million users and 10 million actively engaged merchants.

Related News

Paytm To Move Its Point Of Sale Terminals To RBL Bank

Inc42 · 2y ago

Paytm To Move Its Point Of Sale Terminals To RBL Bank

Fintech company Paytm plans to transfer its point of sale (PoS) terminals, used for processing card payments at merchant establishments, to RBL Bank. The parent company, One 97 Communications, will continue to operate and manage the terminals under the Paytm brand, while transaction processing will be handled by RBL Bank. This move follows Paytm's recent shift of its nodal account to Axis Bank after the RBI barred Paytm Payments Bank from certain activities. Paytm also recently obtained a TPAP license from the National Payments Corporation of India.

Axis Bank Saves The Day As Paytm Shifts Nodal Account Post RBI’s Refusal To Extend Deadline

Inc42 · 2y ago

Axis Bank Saves The Day As Paytm Shifts Nodal Account Post RBI’s Refusal To Extend Deadline

Fintech major Paytm has shifted the nodal account of Paytm Payments Bank to Axis Bank, ensuring seamless merchant settlements. The move comes after the Reserve Bank of India (RBI) refused to extend the deadline for termination of the nodal accounts of Paytm Payments Bank. RBI extended the deadline for business restrictions to March 15 from February 29. Paytm's shares saw a massive selloff after the directive, but closed 5% higher at INR 341.50 on Friday.

Paytm shifts back-end payment settlements to Axis Bank from Paytm Payments Bank

Economic Times

Economic Times · 2y ago

Paytm shifts back-end payment settlements to Axis Bank from Paytm Payments Bank

Paytm has moved its nodal accounts or escrow accounts to private-sector lender Axis Bank in order to comply with regulatory requirements from the Reserve Bank of India. This move ensures that merchants who accept digital payments through Paytm can continue doing so. Paytm Payments Bank has been given a 15-day extension by the RBI to continue offering banking services, after which customers will only be able to withdraw funds. Paytm was reportedly in talks with HDFC Bank, Axis Bank, and Yes Bank for shifting its settlements business.

SBI partners with Sharma's Paytm for its UPI business: Report

IndianStartupNews

IndianStartupNews · 2y ago

SBI partners with Sharma's Paytm for its UPI business: Report

Paytm Payments Bank Limited (PPBL) has been given a March 15 deadline by the Reserve Bank of India (RBI) to cease operations. In response, Paytm's parent company, One97 Communications, is seeking partnerships with major banks, including State Bank of India (SBI), to continue its Unified Payments Interface (UPI) business. Paytm has shifted its nodal accounts to Axis Bank to settle UPI payments and is awaiting a third-party application provider (TPAP) license from the National Payments Corporation of India (NPCI) to continue offering UPI services. Despite the challenges, Paytm remains a key player in India's digital payment landscape.

Paytm Touches Upper Circuit In Fourth Straight Session - StartupNews.fyi

Startup News FYI

Startup News FYI · 2y ago

Paytm Touches Upper Circuit In Fourth Straight Session - StartupNews.fyi

Paytm shares have seen a respite from their sharp fall following the Reserve Bank of India's (RBI) crackdown on Paytm Payments Bank. The extension of the business restrictions deadline to 15 March and the announcement of shifting the nodal account to Axis Bank have provided some optimism to the company's shareholders. Since Friday, Paytm shares have gained 21.5%. This comes after the RBI issued a notification on 31 January barring Paytm Payments Bank from banking services, which caused concerns among investors and brokerages. Despite this, Bernstein maintains an 'outperform' rating and a PT of INR 600 for Paytm.

Paytm Touches Upper Circuit In Fourth Straight Session; Shares Near INR 400 Mark

Inc42 · 2y ago

Paytm Touches Upper Circuit In Fourth Straight Session; Shares Near INR 400 Mark

Paytm shares have seen a positive turnaround after a sharp decline due to the Reserve Bank of India's (RBI) crackdown on Paytm Payments Bank. RBI extended the deadline on the bank's business restrictions, and Paytm announced shifting its nodal account to Axis Bank, providing some optimism. Paytm shares gained 21.5% since Friday, and several brokerages view the regulatory actions as restricted to the Paytm Payments Bank entity, expecting limited long-term impact on the overall business. However, there are concerns regarding potential declines in payment GMV and the impact on payment processing margin. The Enforcement Directorate's investigation into possible foreign exchange violations has not found any breaches so far.

Paytm QR, Soundbox, EDC to work even after March 15, claims Vijay Shekhar Sharma

Livemint

Livemint · 2y ago

Paytm QR, Soundbox, EDC to work even after March 15, claims Vijay Shekhar Sharma

Paytm founder Vijay Shekhar Sharma has clarified that Paytm QR, Soundbox, and EDC will continue to function after March 15, despite the restrictions imposed on Paytm Payments Bank by the RBI. Sharma referred to an RBI document which states that merchants using Paytm QR codes, soundbox, or POS terminals linked to other bank accounts can continue to use them even after the deadline. He urged users not to believe any rumors and to support the digital India initiative.

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

Inshorts · 2y 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.

Indian finance Ministry to meet fintech startup CEOs next week; Here's why

IndianStartupNews

IndianStartupNews · 2y ago

Indian finance Ministry to meet fintech startup CEOs next week; Here's why

The Finance Ministry of India is set to hold a meeting with CEOs of fintech startups to discuss regulatory compliance. The government aims to strike a balance between fostering innovation in the fintech space and ensuring that companies adhere to essential regulations. Senior officials from the RBI, Finance Ministry, and Department for Promotion of Industry and Internal Trade are expected to attend. The meeting comes at a critical time as Paytm, a leading fintech company, faces regulatory challenges and RBI action over failure to meet compliance standards. Paytm has since transferred its nodal account to Axis Bank to ensure continued operations.

Paytm Falls 3% After Hitting Upper Circuit For Four Sessions

Inc42 · 2y ago

Paytm Falls 3% After Hitting Upper Circuit For Four Sessions

Shares of One97 Communications, the parent company of Paytm, declined by 3.74% to INR 380.45 following a 'neutral' rating and lowered target price by Goldman Sachs. The rating cut reflects concerns about potential market share loss in the payments sector after the RBI imposed strict restrictions on Paytm Payments Bank. Analysts at Goldman Sachs have reduced revenue and adjusted EBITDA estimates for FY24E-26 by up to 36% and 80% respectively, predicting a 21% decline in FY25 revenues. However, the recent positive developments, including RBI extending the business restrictions deadline and news of relocating the nodal account to Axis Bank, gave a boost to shareholder optimism. Investigations on possible foreign exchange violations by the Enforcement Directorate have not yet found any breaches.

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