As the Reserve Bank of India’s (RBI) restrictions on Paytm Payments Bank (PPBL) is likely to impose from tomorrow, customers are anxious to know what services will be affected, and what will remain functional beyond March 15. On January 31, 2024, the RBI imposed severe business restrictions on PPBL, asking the payment aggregator to stop onboarding new customers with immediate effect. The central bank barred PPBL from taking further deposits or credit transactions or top-ups in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29. Later, the RBI extended the deadline by 15 days to March 15, keeping in view the interest of customers (including merchants), who may require a "little more time" to make alternative arrangements.
Here's what users must know about Paytm services which will remain functional beyond March 15:
Will Paytm app and its services continue to work beyond March 15?
Yes, users can continue using services on the Paytm app without any interruption.
Will Paytm QR code, Soundbox, card machines continue to operate seamlessly?
Yes, Paytm QR codes, Soundbox, and card machines also remain fully operational. This ensures continued convenience for millions of users and merchants who rely on these services for their daily transactions.
Can I continue to avail all other services on Paytm App such as movies, events, travel (metro, flight, train, bus) ticket bookings?
All other services on the Paytm app, including movies, events, travel (metro, flight, train, bus) ticket bookings, and more, remain fully operational.
Can I continue to make mobile/internet recharges, pay utility bills, and other services on Paytm App?
Users can continue to recharge their mobile phone, DTH or OTT subscriptions, and pay all utility bills (electricity, water, gas, internet) with ease directly through the Paytm app.
Can I continue to avail of restaurant offers on Paytm Deals?
Yes, Paytm Deals will continue to work uninterrupted even after March 15, as before. Users can continue to enjoy all the offers and discounts without any disruption.
Can I book a cylinder on Paytm app and pay my piped gas bill, also apartment electricity bill on Paytm app?
Yes, you can continue to use the same.
Will I be able to buy insurance and also pay the premium for my insurance using Paytm app?
Yes, users can continue to buy new insurance policies for bike, car, health, and more; or pay premiums using Paytm app.
Can I buy FASTag or recharge my other banks' FASTag on Paytm app?
Yes, we are already offering HDFC Bank FASTags and also offer the FASTag recharge of other partnered banks on the Paytm app. However, you can not purchase Paytm Payments Bank FASTags though you can recharge it before 15th March and use the balance until it’s exhausted.
Are my investments in Equity, Mutual Funds, or NPS safe?
Yes, customers' investments in Equity, Mutual Funds, or NPS with Paytm Money are working. Paytm Money Limited is SEBI-regulated and fully compliant.
Can I continue to buy or sell gold on Paytm app?
Yes, you can continue to buy or sell digital gold on the app. Also, your Paytm Gold Investments are working and are protected with MMTC-PAMP.
Can I pay my credit card bill on Paytm app?
Yes, you can continue to pay the same.
Will UPI services on Paytm continue even after March 15?
The Reserve Bank of India (RBI) has advised the National Payments Corporation of India (NPCI) to examine Paytm's request for TPAP. We are working with NPCI and will keep you informed.
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