After March 15, people won’t be able to top up or use FASTag and NCMC cards from Paytm Payment Bank anymore. They could use these cards until March 15, but only if the money is already on them. They also need to close them, which can be done by requesting the bank. Then a new Fastag can be issued if needed.
Besides everything mentioned, services like UPI payments will continue. NPCI has approved the company to be used for third-party UPI payments. However, the users won’t be able to make any payments through the Paytm Payment Bank wallet. But can still use the app as a third-party UPI app instead.
Last month, RBI took strict action against Paytm Payments Bank, which led to all the services of the bank being stopped. Because of the similarity in names of the App and Payments Bank, many people are confused about which services will be discontinued and which will remain in use. Users are concerned about what will work and what won’t.
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RBI has set a deadline stating that after March 15, services from Payments Bank won’t be accessible. Paytm has launched a webpage in which it has detailed all its services. This webpage is accessible both on the Paytm app and their website.
What services won’t be affected?
The company assured the users that services like paying bills and doing recharge are still available and can be done like before. Also, people can still book movie tickets and travel tickets through the app, like before.
These services won’t be affected. Paytm QR and Soundbox services will keep working as usual. However, the users won’t be able to use the Paytm Payment Bank Wallet after March 15. Before the mentioned date the company has allowed its customers to transfer all their money.
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