RBI: To maintain the smooth flow of merchant settlements, One 97 Communications Limited has transitioned its nodal account to Axis Bank by establishing an Escrow Account.
As pioneers of QR and mobile payments in India, Paytm has forged a robust digital ecosystem for merchants, spanning from small shopkeepers to large enterprises. This ecosystem empowers them to attain greater growth in their digital endeavors.
The Reserve Bank of India has officially confirmed that Paytm’s merchant payment services will persist without interruption, continuing to function seamlessly beyond March 15 as they always have.
In an exchange filing, the company further affirmed its commitment to empower merchants by ensuring uninterrupted payments. Paytm’s innovative QR code, Soundbox, and Card Machine will remain fully operational as always. Merchants can continue to leverage these services without any disruptions.
To maintain the smooth flow of merchant settlements, One 97 Communications Limited has transferred its nodal account to Axis Bank by opening an Escrow Account. As previously mentioned, the fintech giant had been in discussions with several prominent banks to transition nodal accounts, ensuring no disruption to its extensive merchant base. Paytm Payment Services Ltd (PPSL), a wholly-owned subsidiary of OCL, has been utilizing Axis Bank services since its establishment.
Throughout the years, the fintech leader has garnered the trust of both users and merchants by consistently providing dependable and user-friendly payment solutions that meet their varied requirements. Merchants rely on Paytm for seamless and convenient payment options, whether it’s through Paytm QR codes, Soundbox, or a Card Machine.
Paytm’s products, including Paytm QR, Paytm Soundbox, and Paytm Card Machines, are prevalent across various settings, from street vendors and small stores to malls. These offerings have facilitated the growth of businesses of all scales, enabling them to partake in the digital economy through Paytm’s innovative mobile payment solutions.
