Payments and financial services company One 97 Communications (OCL) Paytm, on Saturday, assured its customers online of proving zero disruptions in merchants’ settlements and minimal through a new partnership with Axis Bank.
The company said this partnership with Axis Bank is expected to replace the nodal account, which company previously used with Paytm Payments Bank. Reserve Bank of India (RBI), on Friday, extended the deadline to March 15 from February 29 initially.
The company received notification from the RBI in late January, to abort further deposits or credit transactions or top ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, and National Common Mobility Cards.
RBI has also said the Nodal Accounts of mobile payments services, also owned by Vijay Sharma and Paytm Payments Services to be terminated at the earliest, initially by February 29.
E-commerce spokesperson said, “We assure our users that the Paytm app and our devices like Paytm QR, Soundbox, and Card Machine will continue to work as always.”
In early February, financial services’ Chief Executive Vijay Sharma took to X, formerly known as Twitter, guaranteeing its users that the app will continue to work as usual beyond February 29.
Headquartered in Noida, Uttar Pradesh, Paytm UPI was launched in 2009 by Vijay Shekhar Sharma, which carries mobile payments and other financial services.
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