Fintech company One97 Communications, the parent company of Paytm, has received reassurance from its merchants, ensuring the continuous provision of services without any interruption, according to a blog post released on Sunday.
This announcement follows the recent regulatory action against Paytm Payments Bank Limited (PPBL), an affiliate of Paytm, which has been prohibited by the Reserve Bank of India (RBI) from accepting deposits or top-ups in customer accounts, wallets, FASTags, and other financial instruments after February 29. However, customers are permitted to withdraw or utilize their balances without restrictions up to their available balance. In the blog post, Paytm emphasized its commitment to maintaining full operational capacity for its app and services.
It highlighted its ability to smoothly transition services to other partner banks when necessary, ensuring that merchant partners experience no disruptions or need to revise existing setups. Furthermore, Paytm affirmed that its merchant partners can continue to utilize solutions such as Paytm QR codes, Soundbox, and card machines as usual.
The blog cited prominent industry players like Arvind Limited, Smaaash, BIBA, and others, who have benefited from Paytm's seamless payment solutions and expressed satisfaction with their partnerships. The blog also featured endorsements from various companies, including Hotspot Retail Private Limited, which praised Paytm's innovative products and services and encouraged others to maintain their usage of Paytm services. Additionally, testimonials from Advaith Hyundai, Smaash, BIBA Fashion, and Arvind Limited were shared in the blog, showcasing their positive experiences with Paytm's services. Paytm acknowledged the significant support it has received from enterprise leaders, emphasizing its pivotal role in advancing India's fintech revolution.
This backing solidifies Paytm as a dependable partner for businesses nationwide and underscores its commitment to providing unparalleled service and support to partners and customers. In summary, Paytm's reassurance to merchants, endorsements from industry leaders, and commitment to seamless service delivery underscore its resilience and significance in India's digital payment landscape.
