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  • Manika Gupta

Paytm Karo, Ya Na Karo?

Updated: Feb 22

Paytm is merchants’ choice, now what?

People in Delhi, NCR feel comfortable with Paytm, but also understand there are

many other options to choose from.


PayTM Soundbox

Paytm is one of the earliest fintech giants that allows its customers to pay their utility bills, helps vegetable vendors, buy the cinema tickets and merchants to conduct their business with ease.  Most customers say, `Paytm hai’`, `Paytm kar do’. 

Customers have been leveraging Paytm’s innovative solutions like QR and card machines. They have also preferred Paytm’s card machines as payments go through these devices seamlessly.


In other words, it’s considered a very secure and efficient mode of digital payment.

With a huge customer base and widespread reach across Delhi, NCR, the users are at a loss on what is the best possible option for them now that the Reserve Bank of India (RBI) has issued an order banning Paytm payment bank to halt most of its business. The deadline for RBI’s directive to stop accepting deposits or top ups in customer accounts, wallets, FASTags and other instruments has been extended till 15 March.


Also, even though it has shifted its nodal account to Axis Bank, to ensure "seamless merchant settlements as before." And it is expected that services such as Paytm app, and devices like Paytm QR, Soundbox, card machine will continue to work as usual, it is still a blow to the customers. 


The customers choose from other services like Mobikwik, Phonepe, SBI, ICICI Bank, HDFC and Amazon.


Here is what people from across businesses had to say


 Dr Raavi Gaur, a physiotherapist with clinics in Safdarjung Enclave and Gurgaon  said that her clients are switching to Phonepe or Google Pay as the alternative gateways due to skepticism generated by RBI clampdown. 

She, however, said that Paytm was never a central payment gateway for her. FASTag was very important but with that discontinuing, why would anyone want to continue with a gateway that is under the scanner. 


As far as the FASTags are concerned even the Indian Highways Management Company Ltd, that collects the toll has advised the users to buy FASTags from 32 authorised banks rather than Paytm Payments Bank (PPBL) for a hassle-free travel.


Jitender Chopra runs a DTDC shop in Defence Colony said that he is using Paytm only. He is connected to that one payment gateway and feels that RBI might review its orders before the 29 February. He said, as long as Paytm works he will use that only, but if it fails, which he is not sure about he will have to explore other option.





Ashish Gupta, who is a stock broker and lives in Sector 30, Noida said that he used to use Paytm, but now he has moved to phonepe after the news. He said the transition for him was smooth as phonepe has similar features.

With regard to Paytm he said that they have to clean up their act. RBI has served them warning on several occasions but they have not done anything. He said that there was a comfort factor with Paytm but if RBI does not act anytime soon, it won’t take long to get comfortable with Phonepe as well. 


Shikha Rustogi who is an art teacher at the Crescent apartment, Sector 50, Noida said that she does not have too many transactions to make so she is not too worried. As of now she uses Paytm and finds it very convenient. Even her clients use the same payment gateway.

She said she is not worried if Paytm stops working as she is comfortable even with cash. In her business there are not too many transactions. However, she is very confident that the Company will definitely find some solution to this. It’s not a small thing, it’s a big company and it will get some solution working for it.….


Here is quick look at how Paytm feels the directives will not impact the customers

Paytm CEO, Vijay Shekhar Sharma, assured customers that the Paytm app will remain operational after February 29. In a post on social media X, Vijay Shekhar Sharma said, "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.


No impact on user deposits in savings, Wallets, FASTags, NCMC accounts

 “The directives of RBI are on Paytm Payments Bank and not Paytm," the company said. Paytm has been informed that this does not impact user deposits in their savings accounts, Wallets, FASTags, and NCMC accounts, where they can continue to use the existing balances. 


Investments with Paytm Money safe

Customers' investments with Paytm Money are secure. The business stated that the latest RBI guidelines on Paytm's associate bank will have no impact on Paytm Money Ltd's (PML) operations or its clients' investments in equity, mutual funds, or NPS. Paytm Money Limited is SEBI-regulated and completely compliant.


Paytm Payment Gateway

The Paytm Payment Gateway business (online merchants) will continue to offer payment solutions to its existing merchants. Paytm's offline merchant payment network offerings like Paytm QR, Paytm Soundbox, Paytm Card Machine, will continue as usual, where it can on board new offline merchants as well.


Bills payments to remain unaffected

Mobile recharges, subscriptions and other recurring payments will continue to operate smoothly even after RBI directive.






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