Confusion has been swirling about Paytm’s future after the RBI’s action against its Payments Bank. Here’s a clear breakdown:
Paytm App:
- Yes, the Paytm app will continue to function after February 29th. Paytm founder Vijay Shekhar Sharma confirmed this.
- Most of Paytm’s services, like ordering food, booking tickets, etc., are not affected. They function through partnerships with various banks, not just Paytm Payments Bank.
Paytm Wallet:
- Yes, you can still use your Paytm wallet after February 29th. You can add money and send/receive payments as usual.
- However, adding money through Paytm Payments Bank will not be possible after February 29th. You’ll need to use other methods like linked bank accounts or debit/credit cards.
Paytm UPI:
- If your UPI address is linked to Paytm Payments Bank, it won’t work after February 29th. You’ll need to link it to another bank account.
- If your UPI is linked to another bank, it will continue to work as usual.
Paytm FASTag:
- Paytm FASTags will continue to work even after February 29th. They are already issued and managed by other banks, not Paytm Payments Bank.