look news india
Mumbai: Reserve Bank of India (RBI) has given clarification for Paytm, the pioneer in QR and mobile payments, which has created a strong digital ecosystem for small shopkeepers, merchants to large companies-enterprises and has played a major role in achieving strong growth. . In your digital journey. Paytm's QR codes, soundbox and card machines will remain functional even after March 15, 2024.
The Reserve Bank of India has made it clear that Paytm's merchant payment services will continue to function uninterrupted even after March 15.
In this regard, the company has informed the exchange that the company will continue to provide seamless payments of QRcode, Soundbox and card machines to its merchants and merchants will be able to use these services without any hindrance. One97 Communications Limited has transferred its nodal account to Axis Bank (by opening an escrow account) to ensure that merchant settlements can continue as smoothly as before. Paytm Payment Services Limited (PPLS), a wholly owned subsidiary of OCL, has been using the services of Axis Bank since its inception.
Notably, Paytm's Paytm QR, Paytm Soundbox and Paytm Card machines are widely available to small shopkeepers, from street vendors to small shops to malls.