Kopar Khairane
Buisness

After February 29, will Paytm’s UPI service still be available? This is what the business said

<p>Paytm said on Monday that its UPI service will function normally and that it is collaborating with other banks to make back-end improvements that would guarantee system continuity.</p>
<p><img decoding=”async” class=”alignnone wp-image-388016″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-after-february-29-will-paytms-upi-service-still-be-available-this-is-what-the-busi.jpg” alt=”theindiaprint.com after february 29 will paytms upi service still be available this is what the busi” width=”1078″ height=”606″ title=”After February 29, will Paytm's UPI service still be available? This is what the business said 6″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-after-february-29-will-paytms-upi-service-still-be-available-this-is-what-the-busi.jpg 690w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-after-february-29-will-paytms-upi-service-still-be-available-this-is-what-the-busi-390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-after-february-29-will-paytms-upi-service-still-be-available-this-is-what-the-busi-150×84.jpg 150w” sizes=”(max-width: 1078px) 100vw, 1078px” /></p>
<p>The Paytm Payments Bank (PBBL), which operates the Paytm UPI service, has been prohibited by the Reserve Bank of India (RBI) from offering consumers essential services, such as top-ups for their Paytm Wallets, after February 29.</p>
<p>The RBI issued an order to PBBL on January 31 directing them to stop accepting new deposits, credit transactions, and top-ups on any customer’s account, prepaid device, wallet, or card used to pay road tolls after February 29.</p>
<p>“Paytm’s UPI will keep running normally. To guarantee smooth service continuation, we are connecting with other banks on the back end. News agency PTI cited a Paytm official as stating, “Users are not required to do anything additional.”</p>
<p>The National Payments Corporation of India (NPCI) named PPBL the top UPI beneficiary among banks in December of last year after the bank received and remitted 41 crore transactions in just one month, totaling 283.5 crore. During the same time, the Paytm Payment Bank App handled 144.25 crore transactions totaling Rs 16,569.49 crore.</p>
<p>In addition, among other services, Paytm’s Bharat Bill Payment Operating Unit (BBPOU), which is governed by PPBL, continues to enable bill payments for utilities, tuition, and university fees.</p>
<p>Officials from Paytm have assured that there would be no interruptions to the ability to pay bills and recharge using the app.</p>
<p>“Paytm customers may continue using the app as usual for all bill payments and recharges. Thank you. When questioned about the effect of the RBI action on bill payments using BBPOU, a Paytm representative said, “Paytm continues to support a wide range of payment options for your convenience,” PTI reported.</p>
<p>After February 29, the RBI has instructed the PBBL to cease taking deposits or top-ups in consumer accounts, wallets, FASTags, and other devices.</p>
<p>Customers of the company may withdraw or use any available balance from any of their accounts, including savings bank accounts, current accounts, prepaid cards, FASTags, and National Common Mobility Cards, without any limitations.</p>

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