Paytm Assures Continuity of UPI Services Post February 29 Deadline

As the February 29 deadline looms, concerns arise regarding the continuity of UPI services on Paytm amidst the RBI's restrictions. Speculations have been rampant about the future of Paytm Payments Bank and the Paytm app in general. However, in a recent development, Paytm has reassured its users that UPI services on the app will persist beyond the deadline.

The Reserve Bank of India's restrictions stipulate that no top-up will be available for Paytm wallet users after February 29, effectively limiting the ability to add more funds. However, existing funds can still be utilized.

Addressing the fate of UPI on Paytm, the company stated that UPI services will remain operational post the deadline. Paytm is actively engaged in discussions with other banks to implement necessary backend updates, ensuring uninterrupted UPI services for users. It's essential to note that UPI services on the Paytm app fall under the purview of Paytm Payments Bank, which faces restricted operations after February 29.

Despite the challenges, recent data from the National Payments Corporation of India (NPCI) underscores the significance of UPI transactions facilitated by Paytm Payments Bank. In December last year, PPBL emerged as the leading UPI recipient among banks, recording a staggering 283.5 crore transactions. Additionally, the bank initiated 41 crore transactions during the same period. Customers conducted 144.25 crore transactions on the Paytm Payments Bank App, amounting to Rs 16,569.49 crore in value. In conclusion, while uncertainties loom over Paytm's operations following regulatory constraints, the commitment to sustaining UPI services reflects the company's dedication to serving its users. With ongoing efforts to collaborate with other banks and adapt to regulatory changes, Paytm aims to ensure a seamless experience for its UPI users beyond the February 29 deadline.