We wish to verify that Paytm QR, Soundbox, and Card Machine will continue to function smoothly for all our merchant partners. This confirmation was provided today by the Reserve Bank of India (RBI) in its recently released Frequently Asked Questions note.
We wish to notify you that our nodal account has been transferred to Axis Bank (by establishing an Escrow Account) in order to ensure uninterrupted merchant settlements. This transition is intended to smoothly take over the nodal account previously held by our parent company OCL at Paytm Payments Bank. Paytm Payment Services Ltd (PPSL), a wholly owned subsidiary of OCL, has been utilizing Axis Bank services since its establishment.
We are dedicated to delivering uninterrupted service to our business associates, emphasizing adherence to compliance and regulatory standards. Through this direction, we guarantee our customers that the Paytm app, along with our innovative tools such as Paytm QR, Soundbox, Card Machine, will remain fully functional. The transfer of the nodal account to Axis Bank (via the establishment of an Escrow Account) will maintain smooth merchant settlements as in the past. Our goal is to persist in empowering Indians, making a substantial contribution to the nation’s financial inclusion efforts.