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Paytm explains what will and what will not work after March 15: All about UPI, Fastag, Wallet and more

Here is everything you need to know about the Paytm Payment Bank and restrictions with UPI, Fastag, Wallet and more after March 15.

Saumya Nigam Written By: Saumya Nigam @snigam04 New Delhi Published on: February 20, 2024 19:17 IST
Paytm
Image Source : FILE Paytm

It is no secret that Paytm has been facing RBI restrictions in India, which is considered the deadliest ban on Paytm Payments Bank. Post the decision, the country has been in a fix to understand if this app will work after the designated date or not. Paytm posted on the official website and explained what will work and what will not after March 15 when we talk about UPI payments, Wallet, Fastag, and more.

Paytm for recharges, bill payments, and others?

  • In the latest FAQ page of Paytm, the company confirmed the continuation of the Paytm app for all bill payments and recharges. 
  • The Paytm Payments bank ban will NOT affect the linked app to any authorized banks like HDFC, ICICI, and more. 
  • The RBI will only impact those who are using Paytm Payments Bank.

Paytm QR code, Paytm Card Machine, and Paytm Soundbox: Will they work after March 15?

  • Yes, they will, as the ban will only impact the Paytm Payment Bank. 

Paytm Payments Bank Wallet: Can you continue to use it?

  • Yes, as per the company’s FAQs, you can easily continue to use the Paytm Payment Wallet for the withdrawal or transfer of money to another wallet or bank account till the time, the balance is available in the wallet. 
  • It is worth noting that you will be unable to make any deposits in the same after March 15, 2024. However, all refunds and cashbacks will still be credited to your wallet accordingly.

FASTtag/NCMC Card issued by Paytm Payments Bank: Can we use it after March 15?

  • Yes, you can currently use them by Paytm Payments Bank, but you will not be able to recharge or add money after March 15, 2024.
  • You could use the amount or close your FASTag / NCMC Card which was issued by Paytm Payments Bank and request your bank account for a refund.

Money safety on Paytm platfrom

  • It was clarified by the company on its official website, that the RBI has issued a directive restriction for Paytm Payments Bank Account or Wallet. This means that the platform will not be able to accept any new deposits or allow credit transactions after March 15.
  • However, withdrawal from your existing balance could easily happen after the designated date without any restriction. 

ALSO READ: Paytm Payments Bank excluded from list of 32 banks for buying Fastags

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