The Reserve Bank of India, citing “persistent non-compliance” with rules relating to “falsifying customer information and money laundering” has told Paytm, a fintech with 330 million users in India, that it may no longer accept deposits into its customers’ e-wallets. The company has denied wrongdoing.
Customers will continue to be able to use their balances after the February 29 deposit deadline. They also will continue to have access to the Paytm app to make transfers among third-party financial services providers.
Paytm’s mobile money wallet allows balances up to the equivalent of USD 2,400. The firm’s services include allowing businesses to accept electronic payments as well as helping customers access payment cards and third-party services such as insurance, loans, investment products, bill payments, and event and travel tickets. Paytm is a publicly traded firm that was founded in 2010.
Customers will continue to be able to use their balances after the February 29 deposit deadline. They also will continue to have access to the Paytm app to make transfers among third-party financial services providers.
Paytm’s mobile money wallet allows balances up to the equivalent of USD 2,400. The firm’s services include allowing businesses to accept electronic payments as well as helping customers access payment cards and third-party services such as insurance, loans, investment products, bill payments, and event and travel tickets. Paytm is a publicly traded firm that was founded in 2010.
