As the RBI refused to intervene in the matter after meeting the Paytm founder, the concerns over Paytm and future is on the rise. Amidst the cloud of uncertainty generated by the directives on Paytm Payments Bank, users might find themselves perplexed. Meanwhile, the company has tried to assuage its stakeholders and users. According to the company, the app will be working as usual even after February 29, 2024.
According to Paytm, the services that will be available are:
1) QR code
2) UPI services
3) Soundbox
4) Card Machine
5) Recharging and Bill Payments
6) Movie ticket bookings
7) Accept and Receive Payments
In addition, that company has also claimed, reassuring it's users, that the deposits of its associate Bank users in their savings accounts, FASTags, NCMC accounts and Wallets are safe. Apart from that, the Users will be able to deploy their existing balance in their accounts.
Paytm, which was founded in 2010 by Vijay Shekar Sharma, works with various banks (not just its associate Bank), on various payments products. Amid the unrelenting scrutiny, Paytm would look to continue to expand its payments and financial services business, but with only in partnerships with other banks.
