Paytm assures merchants: QR codes will remain functional despite RBI’s actions

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In the wake of the recent regulatory actions taken by the Reserve Bank of India (RBI) against Paytm Payment Bank, apprehension has spread among merchants across the country who widely use Paytm’s QR codes for transactions. 

Over 42% of grocery stores have already transitioned to alternative platforms like BharatPe, PhonePe, GooglePe, and MobiKwik. However, Paytm has sought to allay concerns, assuring merchants that its QR codes will continue to operate beyond February 29. 

The company emphasized that there is no need for Paytm merchants to explore other options, and both QR codes and additional services like soundbox and card machines will function smoothly. 

Paytm also mentioned that if a merchant’s account is with Paytm Payments Bank, it can be linked to another bank to ensure uninterrupted transactions through QR codes. Despite the regulatory challenges, Paytm is ensuring its users and merchants that its services will remain operational.