What is happening with Paytm? Is it working now, can you UPI, and other FAQs answered
Paytm Payments Bank Ban: What You Need to Know
The Indian government recently banned Paytm Payments Bank due to regulatory and supervisory compliance issues. However, this does not affect the overall functioning of Paytm. The platform will continue to operate normally, though features related to Paytm Payments Bank will be unavailable. Here’s what you need to know:
Can I Make UPI Payments on the Paytm App?
Yes, you can still make UPI payments, send or receive money, and make offline QR code payments using the Paytm app. Paytm has approval from the National Payments Corporation of India (NPCI) to operate as a Third-Party Application Provider (TPAP) under the multi-bank model. The app currently supports Yes Bank, Axis Bank, SBI, and HDFC Bank.
Can I Continue to Recharge and Pay Bills on Paytm?
Absolutely. You can continue using the Paytm app for all recharges, bill payments, and booking tickets for travel and movies, among other services.
What Happens to My Wallet and Transit Card, and How Can I Close It?
You can use your existing balance for metro or bus travel. To close your Wallet & Transit Card, follow these steps:
- Open the Paytm app.
- Tap your initials at the top left.
- Go to Help and Support > Banking Services and Payments > View More > View all Services > Wallet Transit Card.
- Select “Need help with non-order related queries.”
- Choose “I want to close my NCMC Transit Card Service” and follow the instructions.
Will Paytm QR Code, Paytm Soundbox, and Paytm Card Machine Continue to Work?
Yes, these services will continue to function as usual, as they are not related to Paytm Payments Bank.
