Amid the worst crisis that Paytm has seen its inception, the company has reiterated that the UPI services available on the app will continue beyond February 29 deadline. The latest clarification comes even as speculations are rife over the fate of Paytm Payments Bank and Paytm app in general. The RBI’s restrictions have clearly said that no top-up will be available for the Paytm wallet users after February 29. This means that one can use the existing funds but won’t be able to add more money to wallet.
What will happen to UPI on Paytm?
In a fresh statement, Paytm on Monday said that UPI services will continue to work even after February 29. The company said that it is already in talks with other banks to make necessary updates in the backend so that users can avail the UPI services on Paytm. It should be noted that UPI services available of Paytm app come under the ambit of Paytm Payments Bank, which has been ordered restricted operations after February 29.
UPI on Paytm: What numbers say
In December last year, the Paytm Payments Bank Ltd (PPBL) emerged as the leading UPI recipient among banks, recording 283.5 crore transactions, while initiating 41 crore transactions during the same period, as per data from the National Payments Corporation of India (NPCI). Customers conducted 144.25 crore transactions on the Paytm Payments Bank App, totaling Rs 16,569.49 crore in value.