A customer pays cash to buy vegetables next to a QR code of Paytm, a digital payments firm, on display at a roadside market in Ahmedabad, India, February 5, 2024.
Credit: Reuters Photo
New Delhi: Fintech firm One97 Communications, which owns the Paytm brand, has received support from merchants, and it assured them of continuity of services without any disruption, the company said in a blog on Sunday.
The blog post came amid the recent crisis around Paytm Payments Bank Limited (PPBL), an associate company of Paytm, which has been barred by the RBI from accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29.
Withdrawal or utilisation of balances by its customers from their accounts, including savings bank accounts, current accounts, prepaid instruments, FASTags, and National Common Mobility Cards, are to be permitted without any restrictions up to their available balance.
"We assure our users and merchant partners that the Paytm app and services continue to operate at full capacity. In instances, where our associate Paytm Payments Bank acts as a back-end bank, we can seamlessly transition these services to other partner banks. This ensures that our merchant partners face no disruptions, no need to revisit existing setups, and no additional effort," the blog said.
Paytm said its merchant partners can continue to benefit from solutions like Paytm QR codes, Soundbox, and card machines, just as before.
"Leading industry players across retail, entertainment, and beyond, such as Arvind Limited, Smaaash, BIBA, and more' stand testament to the strength of our partnerships, having experienced firsthand the benefits of our seamless payment solutions," the blog said.
Leading companies have expressed their satisfaction with their prolonged association with Paytm, it added.
"We have been working with Paytm for two years, and they have always been at par when it comes to their innovative products and services. I strongly recommend everyone to continue using Paytm services as before," the blog quoted Hotspot Retail Private Limited Chief Operating Officer Satya N Satyendra as saying.
The blog shared testaments from Advaith Hyundai, Smaash, BIBA Fashion, and Arvind Limited, which runs brands like Calvin Klein, Tommy Hilfiger etc, around the service being offered by Paytm.
"This endorsement underscores our significant contribution to advancing India's fintech revolution," it stated.
"The strong support from enterprise leaders underscores our key role in reshaping India's digital payment sector and solidifies us as a reliable partner for businesses nationwide. Inspired by this support, our dedicated teams continue to work tirelessly, providing unparalleled service and support to our partners and customers," the blog said.