Paytm QR code, soundbox will work 'today, tomorrow, always': CEO Vijay Shekhar Sharma

Paytm founder Vijay Shekhar Sharma urged users not to fall for any rumour 'or let anyone deter you to championing Digital India'.

Paytm founder and CEO Vijay Shekhar Sharma has highlighted that its QR code and soundbox will continue to work after March 15 amid rumours while the company braves through a regulatory firestorm.

"Paytm QR, soundbox and EDC (card machine) will continue to work like always, even after March 15. The latest FAQ issued by RBI on point #21 clarifies it unambiguously," Sharma wrote on X. "Do not fall for any rumour or let anyone deter you to championing Digital India." In an advertisement aimed at dispelling misinformation, the company stated that the Paytm devices and QR code would continue to work "today, tomorrow, always".

Yep ! Today, tomorrow, always.#PaytmKaropic.twitter.com/4iM9Jxm94T

— Vijay Shekhar Sharma (@vijayshekhar) February 19, 2024

Point 21 of the FAQ released by the RBI stated: "If your receipt and transfer of funds is linked to any bank account other than Paytm Payments Bank, you can continue to use this arrangement even after March 15, 2024."

The RBI had on January 31 imposed major business restrictions on Paytm Payments Bank.

The central bank said a validation report of the external auditors revealed “persistent non-compliances and continued material supervisory concerns in the (Paytm Payments) Bank” thus forcing it to take such a drastic action.

In its order against Paytm Payments Bank, the RBI stated that no further deposits, credit transactions, or top-ups will be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29, other than any interest, cashbacks, or refunds that may be credited anytime.

The RBI diktat sent shockwaves across the fintech industry and fuelled fears that it might affect Paytm's other services including its QR code and card machine and the soundbox.

Read more: What the RBI FAQs mean for Paytm and its users: Said and Unsaid