Here’s all you need to know.
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Can you still use UPI?
No immediate impact is expected on customers who use the Paytm app to make United Payments interface (UPI) based payments, which accounts for 70% of the company’s gross merchandise value (GMV), as per AllianceBernstien. If you use an account with Paytm Payment Bank for your UPI payments, that will not be operational after February 29. However, if your UPI address is linked to other banks such as SBI or ICICI Bank, this will not impact you.
What happens to Paytm wallet?
A user’s Paytm wallet is dependent on PPBL, so wallet services will be disrupted. Money can be deposited into the wallet till February 29. Customers can use the funds till they are exhausted. The wallet GMV is approximately 5% that of Paytm. Users can take out the wallet balance into any bank account without any additional charge.
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What about Fastag, sub-wallets?Credit transactions or top-ups are no longer allowed in any customer accounts, prepaid instrument, Fastags or other Prepaid Payment Instruments (PPI) after February 29. This includes NCMC (national common mobility cards) used in metros, and food and fuel wallets. Existing balance can be used till exhausted but no fresh funds can be added after February-end.
What if you have a Paytm Fastag?
Users who have Fastag issued by Paytm should purchase a new tag from other issuers and deactivate the existing one. Paytm is the third largest player in this space, exacerbating impact on users. In December last year, Paytm had processed around 58 million Fastag transactions.
What happens to stock market and mutual fund services?
These are services under the purview of market regulator Sebi and are not covered under RBI’s order.
What about loans taken through Paytm?
There is no risk to the loan distribution business. Loans taken through Paytm are by third-party lenders and not by the fintech itself, therefore borrowers will have to continue to make their repayments.