Paytm said on February 16 that it has partnered with Axis Bank for settlement of merchant payments. The company issued a press release saying that One97 Communications has transferred its nodal account to Axis Bank and opened an escrow account in that bank.
One97 Communications said that after the transfer of the nodal account to Axis Bank, merchant settlements will continue to happen without any interruption as before. The company has confirmed that Paytm App, Paytm QR, Soundbox and Card Machine will continue to work as usual for all merchant partners even after March 15.
According to Paytm, merchants carrying out fund transactions linked to any bank account other than Paytm Payments Bank need not worry about disruption.
Paytm has said that merchants using Paytm QR Code, Paytm Soundbox or Paytm POS terminals linked to non-Paytm Payments Bank accounts can also continue their operations without interruption after March 15.
The company said that Paytm Payment Services has been using the services of Axis Bank since its inception. Now this partnership is expected to contribute to a streamlined transition for merchants using the Paytm ecosystem.
