Vijay Shekhar Sharma’s message on Paytm QR code, soundbox: Will work ‘today, tomorrow…’
Paytm founder and CEO Vijay Shekhar Sharma said that its QR code and soundbox facility will continue to work even after March 15 as the company faces crisis after RBI’s restrictions. Vijay Shekhar Sharma wrote on X (formerly Twitter), “Paytm QR, soundbox and EDC (card machine) will continue to work like always, even after March 15. The latest FAQ issued by RBI on point #21 clarifies it unambiguously. Do not fall for any rumour or let anyone deter you to championing Digital India.”
The tweet included an advertisement which the company used in order to quash misinformation. In the advertisement, the company stated that the Paytm devices and QR code would continue to work “today, tomorrow, always”. In the FAQ, RBI noted, “If your receipt and transfer of funds is linked to any bank account other than Paytm Payments Bank, you can continue to use this arrangement even after March 15, 2024.”
This comes after the RBI imposed business restrictions on Paytm Payments Bank last month and said that a validation report of the external auditors revealed “persistent non-compliances and continued material supervisory concerns in the (Paytm Payments) Bank”.
Meanwhile, Paytm shares gained 5 per cent as the stock hit the upper circuit for the second straight session after the company partnered with Axis Bank for the settlement of merchant payments. RBI has also extended the deadline to halt operations for Paytm Payments Bank account holders till March 15.
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