Wallet, FASTag, UPI and more: Understanding Paytm's operations after March 15

Produced by: Tarun Mishra Designed by: Manoj Kumar

Paytm Clarifies Post-Deadline Operations

As the deadline for the ban on Paytm Payments Bank looms closer, Paytm has provided an official update on its website, addressing concerns regarding the continuity of services after March 15.

Continued Use for Recharges and Bill Payments

According to Paytm's latest FAQ page, users can continue to utilize the Paytm app for recharges and bill payments without interruption. This applies to individuals who have linked their Paytm accounts to authorized banks like ICICI and HDFC.

Unaffected Paytm Services

Paytm reassures users that services such as Paytm QR, Soundbox, and Card Machine will remain functional even after March 15, unaffected by the impending ban.

Usage of Paytm Payments Bank Wallet

Users can still access, withdraw, or transfer funds from their Paytm Payments Bank Wallet until the balance is depleted. However, deposits into the wallet will not be permitted post-March 15, 2024.

FASTag and NCMC Card Operations

Although users can currently utilize FASTag and NCMC Cards issued by Paytm Payments Bank, recharging or adding funds to these cards will cease after March 15, 2024. Users are advised to utilize existing balances or seek refunds from the bank.

Safety of Funds

Paytm assures users that their funds are secure, emphasizing that the RBI directive only restricts new deposits or credit transactions post-March 15. Existing balances in accounts or wallets remain unaffected, ensuring the safety of users' money.

Clarity on UPI Services

Amidst confusion surrounding the fate of UPI services, Paytm's clarification brings relief, affirming that users can continue to utilize UPI services without disruption.

Refund Process for FASTag/NCMC Card Users

For users of FASTag and NCMC Cards, Paytm outlines a refund process post-March 15, advising users to either utilize existing balances or request refunds from the bank.

Importance of Withdrawal by Deadline

While there is no restriction on withdrawing funds from existing balances post-March 15, users are encouraged to complete any necessary withdrawals before the deadline to avoid potential inconvenience.