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Paytm crisis: Fintech co assures merchants of service continuity; says it has merchants' backing

Paytm said its merchant partners can continue to benefit from solutions like Paytm QR codes, Soundbox, and card machines, just as before.

By  Storyboard18Feb 12, 2024 6:43 AM
Paytm crisis: Fintech co assures merchants of service continuity; says it has merchants' backing
Paytm said its merchant partners can continue to benefit from solutions like Paytm QR codes, Soundbox, and card machines, just as before. (Image source: Moneycontrol Hindi)

Fintech firm One97 Communications, which owns Paytm, has received support from merchants, and the company assured them of continuity of services without any disruption, Paytm said in a blog it published on Sunday.

The blog post came amid the recent crisis around Paytm Payments Bank Limited (PPBL), which has been barred by the RBI from accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29.

"We assure our users and merchant partners that the Paytm app and services continue to operate at full capacity. In instances, where our associate Paytm Payments Bank acts as a back-end bank, we can seamlessly transition these services to other partner banks. This ensures that our merchant partners face no disruptions, no need to revisit existing setups, and no additional effort," the blog said.

Paytm said its merchant partners can continue to benefit from solutions like Paytm QR codes, Soundbox, and card machines, just as before.

The company stated in the blog post, "Leading industry players across retail, entertainment, and beyond, such as Arvind Limited, Smaaash, BIBA, and more stand testament to the strength of our partnerships, having experienced firsthand the benefits of our seamless payment solutions."

Leading companies have expressed their satisfaction with their prolonged association with Paytm, it added.

"We have been working with Paytm for two years, and they have always been at par when it comes to their innovative products and services. I strongly recommend everyone to continue using Paytm services as before," the blog quoted Hotspot Retail Private Limited Chief Operating Officer Satya N Satyendra as saying.

The blog shared testaments from Advaith Hyundai, Smaash, BIBA Fashion, and Arvind Limited, which runs brands like Calvin Klein, Tommy Hilfiger etc, around the service being offered by Paytm.

"This endorsement underscores our significant contribution to advancing India's fintech revolution.

"The strong support from enterprise leaders underscores our key role in reshaping India's digital payment sector and solidifies us as a reliable partner for businesses nationwide. Inspired by this support, our dedicated teams continue to work tirelessly, providing unparalleled service and support to our partners and customers," the blog said.

First Published on Feb 12, 2024 6:43 AM
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