Paytm shares hit 5% upper circuit after assurance on QR code and soundbox facilities beyond March 15

The Paytm shares on Tuesday continued to stay in green with a 5% rise, hitting the upper circuit for the third straight day now. This after founder and CEO Vijay Shekhar Sharma assured that its QR code and soundbox facilities will continue to work even after the March 15 deadline set by the Reserve Bank of India.

“Paytm QR, soundbox and EDC (card machine) will continue to work like always, even after March 15. The latest FAQ issued by RBI on point #21 clarifies it unambiguously. Do not fall for any rumour or let anyone deter you to championing Digital India," Sharma wrote on X (formerly Twitter).

The RBI had also confirmed that merchants using Paytm QR or soundbox linked to another bank account can continue beyond March 15. 

Paytm has now shifted its nodal account from PPBL to Axis Bank making its business model similar to pure payment service providers like PhonePe, GPay, Pine Labs, etc

Finance Ministry to meet Fintech startups

Meanwhile, the Finance Ministry is set to convene a crucial meeting with Fintech startups next week. As per CNBC-TV18, the meeting comes in a bid to  address concerns amidst regulatory scrutiny. The report further mentions that the government aims to foster a conducive environment for innovation in the fintech and banking space, emphasizing the importance of adhering to regulatory compliances.

The Finance Ministry also seeks to reassure startups that they will not face punitive measures if they operate within the confines of the law.