‘Paytm app back to steady business after RBI’s FAQ’

A QR code for the Paytm digital payment system at a roadside coconut stall in Hyderabad. | Photo Credit: NAGARA GOPAL

The list of Frequently Asked Questions (FAQs) issued by the Reserve Bank of India (RBI) last Friday has helped Paytm (One 97 Communications Ltd.) to achieve normalcy in business, a company official said without quantifying the volume.

“The RBI had confirmed through the FAQ that Paytm QR, Soundbox and card machine will continue to operate seamlessly for all merchant partners. After that the company is back to steady business,” the official said asking not to be named.

The official said the company’s decision to open an Escrow account with Axis Bank to continue seamless merchant settlements as before has helped reassure customers.

After the RBI action on Paytm Payments Bank Ltd., which had led One 97 Communications’ stock to tank to a 52-week low, the company had announced that it would accelerate partnerships with third-party banks for distribution of payments and financial services.

The stock of One 97 Communications on Tuesday gained 4.99% to reach ₹376.45 on the BSE. The stock has been hitting the upper circuit for the third straight session.