Paytm QR Codes: The problems of Paytm Payments Bank, which is facing strict action from the Reserve Bank of India (RBI), are increasing continuously. RBI has banned Payments Bank from taking deposits from 29th February. Due to this, merchants using Paytm are in trouble. Due to fear, people are gradually looking for other options. In such a situation, Paytm said on Tuesday that there is no need to panic. Paytm's QR Codes will continue to work even after February 29. There is no need for Paytm merchants to look for any other option.
Sound boxes and card machines will also continue to operate
The fintech company expert in digital payments is facing its worst phase. The company said that apart from Paytm's QR, Soundbox and card machines will also continue to work without any interruption. RBI had given a strict verdict against Payments Bank on January 31. Due to this, people in the market are also doubting Paytm machines and QR codes. The company keeps getting new shocks every day. Recently, Payments Bank's Independent Director Manju Aggarwal had resigned from the board.
Accounts of merchants will be opened in other banks
Paytm on Tuesday said to stop the rumors that if the merchant's account is with the payments bank then it will be linked to some other bank. While selecting the bank, he can also indicate his preference. With this, their money coming through QR code will continue to come without any problem. On Monday itself, Axis Bank had expressed its desire to work with Paytm. The bank's MD and CEO Amitabh Chaudhary had said that Axis Bank is ready to work with Paytm if RBI gives approval. Earlier, HDFC Bank had also expressed a similar desire.
Paytm is in ongoing talks with many big banks
Paytm spokesperson said that we are in talks with many big banks. Partnership with any of these will be announced soon. In the last 2 years, the company has worked closely with many banks. We will not let our merchants face any problems. On Monday, RBI Governor Shaktikanta Das had made it clear that the central bank will not review its decision. RBI had also announced to issue FAQ in this regard.
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