Paytm Payments Bank was recently banned in India by the government on the pretext of non-compliance with regulations and supervisory issues. But, this doesn't mean that Paytm will also stop working. It will continue to function as it used to work, and features related to Paytm Payments Bank are not available. Here is everything you need to know.
Shares of Paytm were locked in the upper circuit of 5 per cent to Rs 349.95 on Friday, with a total market capitalization of Rs 22,250 crore.
Paytm Payments Bank was recently banned in India by the government on the pretext of non-compliance with regulations and supervisory issues. But, this doesn't mean that Paytm will also stop working. It will continue to function as it used to work, and features related to Paytm Payments Bank are not available. Here is everything you need to know.
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Can I make UPI payments on Paytm app?
You can continue to make UPI Payments, send or receive money through UPI, or make offline QR code payments as usual on the Paytm app. This is because the platform has received approval from the National Payments Corporation of India (NPCI) to participate in UPI as a Third-Party Application Provider (TPAP) under the multi-bank model. Paytm currently supports Yes Bank, Axis bank, SBI bank, and HDFC bank.
Can I continue to do recharges, pay my bills and more on Paytm?
Yes. You can continue to use Paytm app for all your recharges and bill payments, as usual. You can also use the platform for booking tickets for travel and movies, among other things.
What happens to my Wallet and Transit Card, and how can I close it?
You can continue to use your existing balance for metro/bus travel. To close your Wallet & Transit Card: Open the app > Tap your initials (top left) > Go to Help and Support > Banking Services and Payments > View More > View all Services > Wallet Transit Card and select "Need help with non-order related queries." After this, you need to select I want to close my NCMC Transit Card Service and follow the steps.
Will Paytm QR Code, Paytm Soundbox and Paytm Card Machine continue to work?
Yes. Paytm QR, Soundbox, and Card Machine will continue to work as there is no relation of this with Paytm Payments Bank.
Published By:
Ankita Garg
Published On:
May 14, 2024
