One 97 Communications Limited, the parent company of Paytm, has taken a strategic step to ensure uninterrupted merchant settlements by shifting its nodal account to Axis Bank.
This transition involves opening an Escrow Account with Axis Bank, which will serve as the new nodal account.
The Reserve Bank of India (RBI) has provided assurance that Paytm‘s merchant payment services will continue without interruption and will maintain their seamless functionality beyond March 15. This confirmation ensures that Paytm’s extensive digital ecosystem for merchants, catering to businesses of all sizes from small shopkeepers to large enterprises, will remain operational. As pioneers of QR and mobile payments in India, Paytm has established a robust platform that empowers merchants to thrive in their digital endeavors.
With the RBI’s confirmation, merchants can rely on Paytm’s payment services to facilitate their transactions and drive growth in their digital journey without any disruptions.
In its exchange filing, Paytm affirmed its commitment to providing uninterrupted payment services to merchants. The company assured that its innovative solutions, including the pioneering QR code, Soundbox, and Card Machine, will remain operational as usual. Merchants can rely on these services without any disruptions, ensuring seamless transactions and continued support for their business operations.
To maintain uninterrupted merchant settlements, One 97 Communications Limited has transitioned its nodal account to Axis Bank by establishing an Escrow Account.
This move ensures seamless operations for Paytm’s extensive merchant base. Paytm Payment Services Ltd (PPSL), a subsidiary of OCL, has been utilizing Axis Bank’s services since its inception, further facilitating a smooth transition process.
Over the years, Paytm has built trust among users and merchants by providing reliable and user-friendly payment solutions that address their varied requirements. Whether it’s through Paytm QR codes, Soundbox, or Card Machine, merchants count on Paytm for seamless and convenient payment options.
Paytm’s suite of products, including Paytm QR, Paytm Soundbox, and Paytm Card Machines, is ubiquitous, catering to a wide range of businesses from street vendors and small stores to malls.
These innovative mobile payment solutions have empowered businesses of all sizes to thrive and actively participate in the digital economy, driving growth and convenience for merchants and customers alike.
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