Breaking News | Can You Use @Paytm UPI ID After March 15? Here’s What Users Need To Know – News18
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Can You Use @Paytm UPI ID After March 15? Here’s What Users Need To Know – News18

In January 2024, the Reserve Bank of India (RBI) banned Paytm Payments Bank (PPBL) resulting from “persistent non-compliance” with laws. PPBL has to settle all present transactions by March 15, 2024. This has additionally affected Paytm’s UPI service. However, customers don’t want to fret as clear tips have come concerning the usage of Paytm UPI ID.

Third-Party App Providers (TPAP)

To stop any disruption within the funds ecosystem, RBI has requested NPCI to look at the potential of transferring Paytm Payments Bank clients utilizing the UPI deal with ‘@paytm’ to 4-5 different banks.

On Friday, the central financial institution took extra steps for the good thing about clients, pockets holders and retailers availing banking providers from Paytm Payments Bank, which has been barred from accepting deposits and credit after March 15, 2024 .

If authorised by NPCI, Paytm customers with “@paytm” UPI handles can probably migrate to the newly recognized banks, minimizing disruption.

According to the web site of Paytm Payments Bank (PPBL), it has 30 crore wallets and three crore financial institution clients.

NPCI, an umbrella group for governing retail cost and settlement methods in India, is an initiative of the RBI and the Indian Banks Association (IBA) to construct cost and settlement infrastructure in India.

Since PPBL can’t settle for additional credit score in its buyer accounts and wallets after March 15, 2024, UPI clients are utilizing the ‘@paytm’ deal with operated by the financial institution to make sure seamless digital funds and reduce focus danger. Some extra steps have turn into essential. UPI system with a number of cost app suppliers, RBI stated in an announcement.

“NPCI has been suggested by RBI to look at the request of One97 Communication Limited (OCL) to turn into a Third-Party Application Provider (TPAP) for the UPI channel for continued UPI operations of Paytm App, as per the laws, in accordance with the laws.” ,

One97 Communications Limited (OCL), which owns the Paytm model, holds 49 per cent stake in PPBL.

RBI additional stated that within the occasion of NPCI granting TPAP standing to OCL, it might be stipulated that the ‘@paytm’ deal with could also be seamlessly migrated from PPBL to a set of newly recognized banks to keep away from any disruption. ought to be transferred.

“No new person shall be added by the stated TPAP till all the prevailing customers are satisfactorily migrated to the brand new deal with,” it stated.

“For seamless switch of ‘@paytm’ handles to different banks, NPCI might facilitate certification of 4-5 banks as Payment Service Provider (PSP) banks with demonstrated capabilities to course of excessive quantity UPI transactions. Is. This is according to NPCI norms to attenuate focus danger,” RBI stated.

Additionally, for retailers utilizing PayTM QR Code, OCL might open settlement accounts with a number of PSP banks (aside from Paytm Payments Bank), the Reserve Bank stated.

It additional added that migration of UPI deal with is relevant solely to clients and retailers who’ve UPI deal with ‘@Paytm’. For others who’ve any UPI deal with or deal with aside from ‘@Paytm’, no must take any motion.

RBI once more requested clients whose underlying account/pockets is presently with Paytm Payments Bank to make various preparations with different banks earlier than March 15, 2024.

It additional stated that Fastag and National Common Mobility Card (NCMC) holders issued by Paytm Payments Bank could make various preparations earlier than March 15, 2024, to keep away from any inconvenience.

The central financial institution stated, “All… actions are taken within the sole curiosity of defending clients and the funds system from any doable disruption and with none prejudice to the regulatory or supervisory actions initiated by the RBI towards Paytm Payments Bank.” Is carried out.”

In March 2022, RBI barred PPBL from including new clients with fast impact.

Use of Paytm UPI after March 15

No, in case your UPI deal with is linked to Paytm Payments Bank, you will be unable to make use of @Paytm UPI after March 15, 2024. This is because of the restrictions imposed by the RBI on Paytm Payments Bank’s skill to deal with UPI transactions.

Here’s a abstract of what is going to and will not work after March 15:

What will not work:

  • Using @Paytm UPI: You will be unable to provoke or obtain UPI funds utilizing your @Paytm UPI deal with.
  • Adding cash to your Paytm Wallet: Deposit and credit score transactions will probably be disabled in your Paytm Wallet.

What will nonetheless work:

  • Existing Wallet Balance: You can use your present pockets stability for transactions till it’s exhausted.
  • Withdrawal: You can withdraw cash out of your Paytm pockets to your linked checking account.
  • Using Paytm app for different providers: You can nonetheless use Paytm app for different providers like checking stability, invoice funds and many others.

What to do:

If you presently use @Paytm UPI, it is suggested to:

  • Switch to UPI linked to a different checking account: Link your UPI deal with to a distinct checking account earlier than March 15 to keep away from any disruption in your UPI transactions.
  • Update linked accounts for automated funds: Update any recurring funds or subscriptions presently linked to your Paytm UPI with the brand new UPI deal with linked to your different checking account.

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Vardan Patterson
Vardan Patterson
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