Paytm Payments Bank to stop transactions: What users can expect for wallet, fastag, and more

In a comprehensive FAQ update on its website, Paytm has clarified the operational status of various services, ensuring minimal disruption for its customers.

Hyderabad: In light of the extended deadline until March 15 for the ban on Paytm Payments Bank, Paytm has issued an official update, aiming to dispel confusion regarding the continuity of its services.

In a comprehensive FAQ update on its website, Paytm has clarified the operational status of various services, ensuring minimal disruption for its customers.

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Use of Paytm app

One of the key assurances from Paytm is the continued functionality of its app for bill payments and recharges. Users can carry out transactions using the Paytm app, especially if their accounts are linked to authorised banks such as ICICI and HDFC. The RBI ban will only impact users who opened an account with Paytm Payments Bank.

Paytm QR code, soundbox, card machine

Paytm has also confirmed that essential services like Paytm QR code, Soundbox, and Card Machine will remain operational post-March 15.

Use of Paytm Payments Bank wallet

Despite the ban on Paytm Payments Bank, users can still utilise their Paytm Payments Bank Wallet until the wallet balance is exhausted. However, it’s important to note that no further deposits will be accepted into the wallet after March 15. Nonetheless, users can still receive refunds and cashback into their wallets.

Fastag and NCMC card usage

Paytm users who possess FASTag or NCMC Cards issued by Paytm Payments Bank can continue to use them for transactions. However, recharging or adding funds to these cards will not be possible after March 15. Users have the option to utilise the existing balance or request a refund from the bank.

Safety of user funds

Addressing concerns regarding the safety of user funds, Paytm assures its customers that their money remains secure. While the RBI directive restricts new deposits or credit transactions post-March 15, existing balances in accounts or wallets remain unaffected. Users can still withdraw funds from their accounts without any restrictions, providing a sense of assurance amidst the regulatory changes.