iifl-logo-icon 1

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

  • Open Demat with exclusive Advice & Services
  • Get a dedicated Relationship Manager to help you grow your wealth
  • Exclusive advisory on 20+ trading & wealth-based investment options
  • One tap Investments, Automated trading & much more
  • Minimum 1 lakh margin required
sidebar image

Paytm join hands with Axis Bank for merchant payments

19 Feb 2024 , 10:27 AM

On February 16, Paytm announced that it has collaborated with Axis Bank to settle merchant payments. According to the company's press statement, One97 Communications has transferred its nodal account to Axis Bank via an escrow account that it has formed with them.

According to One97 Communications, the transfer of the nodal account to Axis Bank would guarantee that merchant settlements continue to be flawless as before.

According to One97 Communications, the parent company of Paytm, the Paytm QR, Soundbox, and card machine will continue to work flawlessly for all merchant partners. Furthermore, the Reserve Bank of India (RBI) has assured that Paytm QR, Soundbox, and card machines would continue to work seamlessly after March 15.

According to Paytm, businesses with financial transactions linked to any bank account other than Paytm Payments Bank need not be concerned about interruptions.

Paytm has also confirmed that retailers who use Paytm QR codes, Paytm soundboxes, or Paytm POS machines linked to non-Paytm Payments Bank accounts would be able to continue operating seamlessly beyond March 15, 2024.

'We are dedicated to delivering a smooth experience for our merchant partners, prioritizing adherence to compliance and regulatory standards. We want to reassure our users that both the Paytm app and innovative devices such as the Paytm QR and Soundbox card machine will remain fully functional. The transition of the nodal account to Axis Bank through the establishment of an Escrow Account aims to maintain the seamless settlement process for merchants. Our commitment is to empower Indians and play a significant role in advancing the country's financial inclusion journey,' stated a spokesperson from Paytm.

Paytm Payment Services has used Axis Bank services since its start, according to the company, and this existing connection is expected to help merchants that are familiar with the Paytm ecosystem migrate more smoothly.

For feedback and suggestions, write to us at editorial@iifl.com


Related Tags

  • Paytm
  • Paytm Axis Bank
  • Paytm News
  • Paytm Stock
  • Paytm Updates
sidebar mobile


15 Apr 2024   |   12:16 PM
15 Apr 2024   |   10:33 AM
15 Apr 2024   |   09:44 AM
Read More

Most Read News

15 Apr 2024   |   02:27 PM
15 Apr 2024   |   01:53 PM
15 Apr 2024   |   01:52 PM
Read More
Knowledge Centerplus

Logo IIFL Customer Care Number
1860-267-3000 / 7039-050-000

Logo IIFL Securities Support WhatsApp Number
+91 9892691696

Download The App Now

Knowledge Centerplus

Follow us on


2024, IIFL Securities Ltd. All Rights Reserved

  • Prevent Unauthorized Transactions in your demat / trading account Update your Mobile Number/ email Id with your stock broker / Depository Participant. Receive information of your transactions directly from Exchanges on your mobile / email at the end of day and alerts on your registered mobile for all debits and other important transactions in your demat account directly from NSDL/ CDSL on the same day." - Issued in the interest of investors.
  • KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.
  • No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."

www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to Rs. 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.
Copyright © IIFL Securities Ltd. All rights Reserved.

Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248

We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.


Get better recommendations & make better investments

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp