Paytm Transfers Nodal Account to Axis Bank: Soundbox, Card Machine to Remain Operational Past March 15th

Paytm, the digital payments company, has made a significant move by shifting its nodal account to Axis Bank. This comes as a result of the Reserve Bank of India’s extension of the deadline for Paytm Payments Bank until March 15, a change from the previous deadline of February 29. This shift is aimed at ensuring seamless operations and merchant settlements, crucial for Paytm’s extensive network of users and merchants.

The nodal account transition from Paytm Payments Bank to Axis Bank is expected to have a positive impact on the company’s merchant partners, ensuring that services such as Paytm QR, Soundbox, and Card Machine continue to operate seamlessly. The move is in line with compliance and regulatory guidelines and aims to address any potential concerns about the suspension of merchant payments.

In a statement, a Paytm spokesperson emphasized the company’s commitment to providing uninterrupted service for its merchant partners and users, highlighting the importance of the shift to Axis Bank’s Escrow Account for seamless merchant settlements. This move is also expected to enable merchants to sustain their acceptance of digital payments through the Paytm QR code or card machine.

With a massive user base exceeding 300 million and approximately 10 million actively engaged merchants, Paytm is a major player in India’s digital payments landscape. The shift in the nodal account is a strategic decision to ensure continued operations and service for its vast network of users and merchants as the company navigates regulatory requirements and compliance.

As Paytm continues to focus on financial inclusion and empowering Indians through digital payments, the nodal account transition to Axis Bank is a crucial step in maintaining the company’s position as a leader in the digital payments industry. This move is expected to have a positive impact on Paytm’s operations, ensuring uninterrupted service for its extensive user and merchant base.