Paytm has given a big update on UPI service. The company said on Monday that its UPI service will continue to work normally. The company is working with other banks to continue this. Paytm UPI service comes under Paytm Payments Bank, which was recently stopped by the Reserve Bank of India from taking money from customers after February 29. After which Paytm shares have seen a decline of more than 42 percent in three trading days. Let us also tell you what has been said about Paytm’s UPI service?
UPI will continue on Paytm
While giving information, Paytm spokesperson said that UPI will continue to work normally on Paytm. We are working with other banks to ensure continuity of service without any disruption. Users do not need to do anything separately. Earlier on Saturday, the company’s founder Vijay Shekhar Sharma had organized a virtual town hall on Saturday. In which apart from the company officers, about 900 employees of the company were present. Sharma had said that no employee would be fired from the job. Talks are being held between RBI and other banks to solve the problem. This crisis will be resolved soon.
Paytm was the top beneficiary of UPI
According to National Payment Corporation of India i.e. NPCI, Paytm Payments Bank Limited (PPBL) was the top UPI beneficiary among banks in December. Customers made 144.25 crore transactions worth Rs 16,569.49 crore on Paytm Payment Bank app in December. Paytm’s Bharat Bill Payment Operating Unit (BBPOU) business also comes under PPBL. This service provides the facility of bill payment like electricity, water, school and university charges.
Payment and recharge will continue on the app
When asked about the impact of the RBI move on bill payments through BBPOU, a Paytm spokesperson said, please know that Paytm users can continue to use the app for all bill payments and recharges as usual. Paytm will continue to offer a variety of payment options for your convenience. This clearly means that there is no problem of any kind on Paytm app. According to the company, customers can make all types of payments through the app.
Company shares fell by 42 percent
On Monday, there was a decline for the third consecutive trading day and the company’s shares fell to a 52-week low. The company’s shares have fallen by more than 42 percent in the last three trading days. On Monday, the company’s shares hit a 10 percent lower circuit on BSE and the company’s shares went to a 52-week low of Rs 438.70. Company investors have suffered a loss of Rs 20,500 crore in the last three trading days.