Paytm assures users: QR Code, Soundbox to remain operational amid regulatory scrutiny
Paytm owner Vijay Shekhar Sharma
Amid regulatory challenges and uncertainties, Paytm's CEO, Vijay Shekhar Sharma, reaffirmed the continuity of the company's QR code and Soundbox services beyond March 15, providing reassurance to users amidst ongoing concerns.
In a tweet, Sharma said, "Paytm QR, Soundbox and EDC (card machine) will continue to work like always, even after March 15," referring to the latest clarification from the Reserve Bank of India (RBI) regarding the operational status of Paytm services.
The company's proactive stance is evident in its widespread advertising campaign, strategically placed across prominent newspapers, aiming to allay fears and dispel rumours surrounding the operational status of Paytm's services.
The advertisements prominently feature the message, "Beware of any rumour about your Paytm Soundbox and QR. They will keep working always," reaffirming the perpetual functionality of these services.
In addition to the advertisements, Paytm founder Vijay Shekhar Sharma echoed the sentiment of continuity in a social media post, stating, "Yep! Today, tomorrow, always."
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The company's proactive communication extends to directing users to consult RBI's FAQs, specifically numbers 21 and 22, which provide clarity on the operational status of Paytm QR codes, Soundbox, and card machines.
The reassurance from Paytm comes in the wake of regulatory actions imposed by the RBI, including restrictions on Paytm Payments Bank, citing persistent non-compliances and supervisory concerns.
Despite these challenges, Paytm shares surged by 5 per cent following its partnership with Axis Bank for merchant payment settlements.
The RBI's decision to extend the deadline for Paytm Payments Bank operations until March 15 offers a temporary reprieve, allowing the company to navigate regulatory adjustments.
However, the regulatory impact extends beyond banking operations, with Paytm Payments Bank excluded from the National Highway Authority of India's list of authorised banks for the FASTag service.