‘Salute you for your support’: Paytm’s Vijay Shekhar Sharma tells users; says Paytm UPI services unimpacted
Vijay Shekhar Sharma expresses gratitude to Paytm customers and assures them that the app will remain operational beyond February 29.
Paytm founder and CEO Vijay Shekhar Sharma took to the social media site X (formerly known as Twitter), to thank customers of the company for their “relentless support”. He also assured the audience that the Paytm app will continue working beyond February 29.
“To every Paytmer, Your favourite app is working, will keep working beyond 29 February as usual. I with every Paytm team member salute you for your relentless support. For every challenge, there is a solution and we are sincerely committed to serve our nation in full compliance,” he wrote.
“India will keep winning global accolades in payment innovation and inclusion in financial services - with PaytmKaro as the biggest champion of it,” Sharma added.
Paytm app will ensure to offer alternatives to its customers on application for services like including UPI, Wallets, FASTags, and NCMC, said Bhavesh Gupta, President and COO at Paytm addressing analysts on Thursday. The company also said that the Paytm UPI services will remain unimpacted from RBI directive to PPBL.
The company is in talks to migrate the merchants on its platform accepting UPI payments from its associate bank to other banks.
RBI's Order a Speed Bump
In a conference call on February 1, Sharma said that the Reserve Bank of India's (RBI) order to stop almost all services of Paytm Payments Bank after February 29 is more of a speed bump. He added that the company will continue to decline and decrease the dependency on its associate bank, and will see through by accelerating its partnership with other banks.
"On behalf of Paytm, this is more of a speed bump, but we believe in partnership of the banks and we will be able to see to the same in the next few days," said Sharma.
Also Read | Are you a Paytm Payments Bank customer? Here’s what you should know about RBI order against company
"We are genuinely overwhelmed by the support that we have received from various banks, large banks of this country, and those who are already partners. More regional and large banks have reached out at a very senior level to say that they will be very happy to help us," he added.
Sharma informed investors that the company had already started to work with other banks two years back and will now accelerate the plan to move to other bank partners. "These are payment-related relationships which means that all banks have necessary technology and capabilities," the CEO stated during a conference call with analysts.
"One97 Communications Ltd (OCL) already works with various other banks and Paytm Payments Bank was one of the key banks. From here on we are clear we will work with various other banks and not Paytm Payments Bank (PPBL). OCL and PPSL are already in the process of moving nodal accounts to other banks, and marketing business services are not affected due to these directions," Sharma further added.
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First Published:2 Feb 2024, 10:01 AM IST
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