Paytm, a leading fintech firm, has addressed customer concerns on social media following the Reserve Bank of India’s directive to its subsidiary, Paytm Payments Bank, to halt new deposits from February 29. Customers sought clarification on various aspects, and Paytm responded to some key questions:
Q. Will the NCMC Card stop working?
Paytm assured users that existing balances on their NCMC Cards can be used without disruption. The company emphasized its commitment to working with other banks and pledged to provide effective solutions for a seamless customer experience.
Q. Will the POS Machine/Soundbox stop working?
Paytm clarified that the RBI decision has not impacted merchant payment services. Both Paytm POS and Soundbox services remain unaffected, and the platform continues to onboard new offline merchants.
Q. Will FASTag stop working?
Addressing concerns about FASTag services, Paytm assured users they can continue using existing balances. The company highlighted its ongoing efforts to collaborate with other banks and accelerate its journey in this regard.
Amidst these clarifications, Paytm acknowledged that its app is operational, and most services are offered in partnership with various banks, not limited to its associate bank. The company expressed its commitment to intensifying collaboration with other banks, particularly over the last two years.
Paytm Payments Bank, with 49% ownership by Paytm (One 97 Communications), plays a crucial role, housing all parent company wallet accounts. This development comes after the RBI’s prior instruction to halt onboarding new customers, marking a significant move in the fintech landscape.
As Paytm navigates these challenges, the focus remains on ensuring continued services and addressing customer inquiries while adapting to regulatory changes.