“Today. Tomorrow. Always”: Paytm Founder’s Post Amid RBI Clampdown

Amid growing concern over Paytm operations, its founder assured users that the digital payment app will keep working “today, tomorrow, always.” In a post on X, Vijay Shekhar Sharma shared a full-page newspaper advertisement showing Paytm QR and soundboxes.

“India’s every Paytm QR and Soundbox will keep working. Today. Tomorrow. Always,” the advertisement read.

“Yep ! Today, tomorrow, always. #PaytmKaro,” the Paytm founder captioned his post on X. 

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

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

Paytm QR and soundboxes are a common sight at retail outlets across the country and one of the most popular scan-and-pay methods used for digital payments.

The advertisement also warned users against rumours about using Paytm QR and soundboxes adding that they will “keep working as always”.

Mr Sharma’s post comes weeks after the Reserve Bank of India ordered to halt the app’s banking service, Paytm Payments Bank Ltd, stopping it from onboarding new customers after an audit flagged “non-compliance” issues in 2022.

The banking service cannot facilitate fund transfers, take deposits or offer credit services after March 15.

No further deposits or credit transactions or top ups will be allowed in any customer accounts, prepaid instruments, wallets, FASTags, National Common Mobility Cards, etc after March 15, the RBI said.

“All actions of RBI are in best interest of systemic stability, protection of customers’ interest. Restrictions are always proportionate to the gravity of the situation. When constructive engagement doesn’t work we go for imposing business restrictions,” RBI Governor Shaktikanta Das said.

The Paytm app and its UPI, or unified payment interface, platform was launched in 2010 and has over 300 million users.