Paytm Addresses Customer Concerns Amidst RBI Restrictions: FASTag and NCMC Card Users Seek Clarity

Following the Reserve Bank of India's directive to halt new deposits, Paytm assures users of continued services, especially regarding FASTag and NCMC card functionalities.

In response to the recent regulatory intervention by the Reserve Bank of India (RBI), Paytm, a leading fintech firm, took to the social platform X to address customer concerns and provide clarification on the impact of the restrictions imposed on its subsidiary, Paytm Payments Bank.

Key Points Addressed by Paytm:

1. NCMC Card Usage:
   Users were anxious about the continuity of services with the National Common Mobility Card (NCMC). Paytm assured its customers that existing balances on NCMC cards would remain functional. The company highlighted its ongoing collaboration with other banks over the past two years, which it intends to accelerate, ensuring a seamless customer experience.

2. POS Machine/Soundbox Services:
   Paytm clarified that the merchant payment services, including POS machines and Soundbox, remain unaffected by the RBI's decision. The company reassured its users that it would continue onboarding new offline merchants without disruption.

3. FASTag Services:
   Users sought clarification on whether FASTag services would be impacted. Paytm responded by stating that existing balances on Paytm FASTags would continue to be operational. Similar to other services, Paytm emphasized its collaboration with various banks over the past two years, assuring users of an accelerated approach to enhance the FASTag experience.

4. Paytm App Functionality:
   Addressing broader concerns, Paytm reassured users that the Paytm app itself is fully functional. The company highlighted that most services offered through the app are in partnership with various banks, not limited to its associate bank. Paytm emphasized its commitment to working with other banks, a journey that has been ongoing for the past two years and will be expedited.

The recent restrictions by RBI, impacting Paytm Payments Bank's ability to accept new deposits, have raised questions among Paytm users. However, Paytm's proactive communication on X aims to alleviate concerns and maintain transparency about the continuity of various services, particularly those related to FASTag and NCMC card usage. The company's commitment to collaborative efforts with other banks signifies a strategic approach to overcome the challenges posed by the regulatory directive.