One97 Communications Paytm Payments system and its Myths.

Does Paytm App works after February 29?

Does Paytm Payments Banking will work after February 29?

Can we do Transactions with Paytm after 29th?

Can we Recharge the Fastag using Paytm after Feb 29th?

What will happen to the Existing Money with Paytm after 29th Feb?

Here are the Answers to above Questions on One97 Communications owned Paytm:

One97 Communications founded by Vijay Sekhar Sharma during 1997 started Paytm during 2010. Paytm is the most used application for UPI Transactions ,Fasttag Recharges, Paytm Wallet , Mutual Funds Investments, Postpaid Loans, Personal Loans, Mobile Recharges, Credit Card Payments, Electricity Bill Payments, Bike Insurance Premium Payments, Health Insurance Premium Payments, Free Credit Score Checking, Flight Tickets Booking, Movie Tickets Booking, Bus Tickets Booking, Train Tickets Booking, Hotels Bill Payments, Online Groceries Purchases and many more Services are been provided by Paytm app.

Changes that we will notice after February 29 are Paytm Payment Banking System won’t work, Wallet can’t be Recharged but the existing Money in the Wallet can be Withdrawn to other Banks, UPI transactions from Paytm Payments Banking will be Stopped, Money in the Paytm Bank can be Withdrawn, but we can not deposit and these are some of the services offered by Paytm can be stopped.Rest of services list above will be working without any Interruption.

As Paytm is one of the largest and most used Digital Payments App which occupy nearly 16-17% of usage in the total Payments in India. Paytm Payments Banking will not work after February 29th, reason behind this is Violating The RBI(Reserve Bank of India) rules frequently. After February 29th most of the Services offered by paytm will be disclosed by the RBI. After February 29th we can’t deposit money in Paytm Payments Banking, Transfering to Paytm Payments Bank will be Unavailable.

Paytm Wallet will be Disabled and Fasttag can’t be recharged via Paytm and the Money already existing in the Fasttag accounts can be used by the Customers.There will be no problem for Current and Savings Accounts in Paytm Bank as the Withdrawal of Money will be allowed after the February 29th and the deadline for setlling Accounts is March 15th. Paytm Bank accounts will be deactivated after March 15th.

Paytm regularly violated the RBI rules, As per the Section 35A of Banking Regulation Act 1949, RBI came to a conclusion to shut the Paytm Banking Services.The money already present in the Fastag can be used but cant be Recharged via Paytm.

However Paytm stated it has followed all the rules as per RBI guidelines.Also stated that One97 Communications is no longer working with Paytm Bank and the services of Paytm application will be provided by Partnered Banks.
Before february 29, all the services provided by Paytm payments Banking can be used regularly.

After February 29th there will be some changes in the Paytm Wallet and UPI Services. If user money already existing in Paytm Wallet that can be transfered to another Bank Account but we can’t recharge money to the Wallet after february 29th. If we link Paytm App with any Third Party Banks then Paytm Applications will work’s fine as usual.

As per Vijay Shekhar Sharma, Founder of Paytm posted on social media X: To every Paytmer, Your favourite app is working, will keep working beyond 29 February as usual. I with every Paytm team member salute you for your relentless support. For every challenge, there is a solution and we are sincerely committed to serve our nation in full compliance. India will keep winning global accolades in payment innovation and inclusion in financial services – with PaytmKaro as the biggest champion of it.

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