Paytm is India’s largest mobile payments commerce platform, courtesy of some revolutionised decisions made by its Founder and CEO, Vijay Shekhar, in recent years. The technology entrepreneur is among the wealthiest people in the financial technology e-commerce sector. As per Paytm’s official website, more than 20 million merchants and businesses are powered by Paytm to accept digital payments.
Will Paytm stop working in India after February 29, 2024? Know RBI’s order and its impact on app users
More than 300 Indians use Paytm to pay their bills, do recharges, send money, book movie tickets, recharge metro cards, and so on. However, it received a major shock in February 2024 when the Reserve Bank of India (RBI) prohibited Paytm Payments Bank from adding new users and also restricted the bank from accepting new credit transactions and deposits. Not only this, RBI also barred Paytm Payments Bank from allowing new top-ups in customer accounts, FASTags, prepaid instruments, and NCMC cards along with wallets.
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