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.

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