VIjay Sharma's Tweet On X: Paytm QR code, soundbox: Will work ‘today, tomorrow

Abhishek Jain

Feb 20, 2024 - 08:31

Feb 20, 2024 - 08:32

VIjay Sharma's Tweet On X: Paytm QR code, soundbox: Will work ‘today, tomorrow

In response to the recent crisis faced by Paytm following RBI's restrictions, founder and CEO Vijay Shekhar Sharma took to X (formerly Twitter) to reassure users that the Paytm QR code, soundbox, and EDC (card machine) will remain operational beyond March 15. Sharma's tweet conveyed a strong commitment to the seamless functioning of these services despite the challenges posed by regulatory constraints.

Yep ! Today, tomorrow, always.#PaytmKaro pic.twitter.com/4iM9Jxm94T — Vijay Shekhar Sharma (@vijayshekhar) February 19, 2024

In his tweet, Sharma stated, "Paytm QR, soundbox, and EDC will continue to work like always, even after March 15. The latest FAQ issued by RBI on point #21 clarifies it unambiguously. Do not fall for any rumor or let anyone deter you from championing Digital India."

To dispel any misinformation circulating, the tweet included an advertisement emphasizing the company's dedication to uninterrupted service. The advertisement boldly proclaimed that Paytm devices and QR codes would continue to function "today, tomorrow, always." The RBI's FAQ explicitly stated, "If your receipt and transfer of funds are linked to any bank account other than Paytm Payments Bank, you can continue to use this arrangement even after March 15, 2024."

This announcement follows the RBI's imposition of business restrictions on Paytm Payments Bank last month, citing persistent non-compliances and material supervisory concerns identified in the bank's validation report by external auditors.

Paytm Share Prices Surge: Despite the challenges faced by Paytm, the company's shares experienced a 5% gain, hitting the upper circuit for the second consecutive session. This positive movement was attributed to Paytm's recent partnership with Axis Bank for the settlement of merchant payments. Additionally, the RBI extended the deadline for Paytm Payments Bank account holders to halt operations until March 15, providing some relief amid the ongoing developments."