Paytm Payment Bank Services Ban
Digital Payments: The Reserve Bank of India, or RBI, made a big announcement on Wednesday (January 31). In this announcement, the Reserve Bank has imposed a ban on all services of Paytm Payment Bank, which will be effective from February 29. This means that Paytm bank account holders will face difficulties. In addition, users won’t be able to use Paytm wallet, NPCI cards, and Fastag, among others. Considering the vast number of wallet users, the question arises: What options do these users have now? How will they make digital payments?
What’s the order?
On January 31, RBI issued a press release, declaring the closure of all services of Paytm Payment Bank from February 29. The biggest blow is to its wallet users. In fact, looking at the figures, during 2018, nearly three crore people were making payments through Paytm’s wallet, and since then, it has seen significant growth. In this situation, everyone will have to explore alternative options for digital payments.
Users can use these options
It’s worth mentioning that while restrictions are being imposed on Paytm’s wallet for daily transactions, users can easily make digital payments through other means. Speaking of wallets, users have the convenience of using other wallets like PhonePe, Google Pay, Amazon Pay, etc., allowing them to make payments effortlessly.
Payments can also be made through the bank’s app
If users do not want to use another payment app instead of Paytm, they can also make payments through their bank account’s app. In fact, many banks, including HDFC, ICICI, IDFC, and Yes Bank, provide an option for scanning through their app, enabling users to make payments by scanning any QR code.
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