Clarifications for Merchants: FAQs on BBPS, AePS, and Paytm Payments Bank Business Correspondent Services
FAQs for Merchants using Paytm Payments Bank to Receive Payments: Clarifications for Business Owners(Clarifications for Merchants: FAQs on BBPS, AePS, and Paytm Payments Bank)
As the deadline for certain transactions with Paytm Payments Bank approaches, merchants utilizing Paytm’s services may have queries regarding the continuity of their payment setups. Here’s a comprehensive guide to address their concerns:
Q: I am a merchant using a Paytm QR code, Paytm soundbox, or Paytm POS terminal linked to another bank account (not with Paytm Payments Bank). Can I continue using this setup after March 15, 2024?
A: Yes, if your receipt and transfer of funds are linked to any bank account other than Paytm Payments Bank, you can continue using this arrangement even after March 15, 2024.
Q: I am a merchant using a Paytm QR code, Paytm soundbox, or Paytm POS terminal linked to my bank account or wallet with Paytm Payments Bank. Can I continue using this setup after March 15, 2024?
A: No, after March 15, 2024, you will not be able to receive any credit into your bank account or wallet with Paytm Payments Bank, except for refunds, cashbacks, sweep-ins from partner banks, or interest. To avoid any inconvenience or disruption, it is suggested that you obtain a fresh QR code linked to an account with another bank or wallet to receive payments. Additionally, you may change your bank account details (in which you receive payments) through your service provider.
These FAQs aim to provide clarity and assistance to merchants utilizing Paytm’s services for receiving payments. By understanding the implications of the upcoming changes, merchants can make informed decisions and take necessary steps to ensure a seamless transition in their payment processes.
FAQs for Bharat Bill Payment System (BBPS), Aadhar enabled Payment System (AePS), and Paytm Payments Bank Business Correspondent(Clarifications for Merchants: FAQs on BBPS, AePS, and Paytm Payments Bank)
As the deadline for certain transactions with Paytm Payments Bank approaches, users may have questions regarding the continuity of various payment systems and services. Here’s a comprehensive guide to address their concerns:
Q: Can I make payments through the Bharat Bill Payment System (BBPS) using my account with Paytm Payments Bank?
A: Yes, you can continue to make payments from your Paytm Payments Bank account through BBPS up to the available balance. However, since no further funds can be credited into your accounts or wallets with Paytm Payments Bank after March 15, 2024, it is advised to make alternative arrangements with another bank account for BBPS before the deadline.
Q: Can I make withdrawals from my Paytm Payments Bank account with biometric authentication under Aadhar enabled Payment System (AePS)?
A: Yes, you can continue to withdraw using AePS authentication, up to the balance available in your account.
Q: Can the Paytm Payments Bank Business Correspondent (Bank Agent) help me in withdrawing funds from my account after March 15, 2024?
A: Yes, the Paytm Payments Bank Business Correspondent (Bank Agent) can assist you in withdrawing money from your bank account up to the balance available.
Q: What will happen to my Paytm Payments Bank account/wallet if there is a lien or freeze marked on the directions of Law Enforcement or judicial authorities?
A: Any lien or freeze marked on the account/wallet of a customer with Paytm Payments Bank as per the instructions of law enforcement or judicial authorities will continue to be governed by the orders passed by such authorities.
Q: What will happen to my Paytm Payments Bank account/wallet if there is a lien or freeze marked on account of internal policies of Paytm Payments Bank?
A: The bank has been directed to allow withdrawal or transfer to another bank account of the customer, up to the available balance in the account/wallet.
Q: What is the status of the business restriction placed on Paytm Payments Bank as per the RBI Press Release dated March 11, 2022?
A: The business restriction dated March 11, 2022, prohibiting Paytm Payments Bank from onboarding any new customers for any of its services continues to be in force. Hence, Paytm Payments Bank cannot onboard any new customers after March 11, 2022.
With these FAQs, Paytm Payments Bank aims to provide clarity and assistance to its customers and merchants regarding the upcoming changes affecting various payment systems and services. Users are encouraged to take necessary steps before the deadline to ensure a smooth transition and uninterrupted usage of their accounts and services.
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Q: Can I continue to use money from my wallet with Paytm Payments Bank after March 15, 2024?
A: Yes, you can continue to use, withdraw, or transfer funds from your wallet to another wallet or bank account up to the available balance. However, minimum KYC wallets can only be used for merchant payments.
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As the deadline for certain transactions with Paytm Payments Bank FASTags approaches, users may have questions regarding the future usability of their FASTags. Here’s a breakdown of frequently asked questions (FAQs) along with detailed answers to help users understand the changes:
Q: Can I continue to use my FASTag issued by Paytm Payments Bank to pay toll after March 15, 2024?
A: Yes, you can continue to use your FASTag to pay tolls up to the available balance. However, no further funding or top-ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15, 2024. Users are advised to procure a new FASTag issued by another bank before the deadline to avoid