Tag: UPI based payment

What’s happening with Paytm?

Paytm has been under some serious trials in India. Is Paytm Wallet going to continue functioning after March 15? Paytm has not provided a clear clarification on this matter yet. Although they have published a detailed FAQ page explaining what will and will not work on Paytm after March 15, they have not specifically mentioned whether the Wallet will still be operational for those who have not linked it with Paytm Payments Bank.

The company has not given any indication as to whether the Wallet will continue to function for users who have linked it with other banks. Paytm has stated that the ban will not affect features such as Paytm QR, Soundbox, and Card Machine. Paytm Payments Bank is set to be banned or seized next month, as the deadline for this has recently been extended. However, there is still confusion among some people regarding whether Paytm will completely stop working or if certain services will still be available. While Paytm has provided information on what will work on the platform after March 15, they have not clarified the status of the Wallet for users who have not linked it with Paytm Payments Bank.

The company has stated that if your Paytm account is linked with Paytm Payments Bank, you will be able to continue using it, withdrawing funds, and transferring to other wallets or bank accounts until the balance is available. However, after March 15, 2024, you will not be able to make any deposits into the Wallet. Refunds and cashback can still be credited to your Wallet. It has been confirmed that users will still be able to use the Paytm app for bill payments and recharges without any interruption. The recent ban on Paytm Payments Bank will not affect individuals who have linked their Paytm accounts with authorized banks such as ICICI, HDFC, and others. Users can carry out their usual transactions, including recharges and bill payments, through Paytm. It is important to note that the ban imposed by the Reserve Bank of India only applies to users who have specifically opened accounts with Paytm Payments Bank.

The recent announcement from the Reserve Bank of India (RBI) has prompted Paytm Payments Bank to provide further details on the impact of the directive. As of March 15, 2024, new deposits and credit transactions will no longer be accepted by Paytm Payments Bank Account/Wallet. Nevertheless, customers can still withdraw funds from their existing balance post this date. It’s worth noting that the directive does not affect the current balances in customers’ accounts or wallets, and the company guarantees the safety of their money within the bank.

How to Block UPI Apps if You Lose Your Phone?

The Unified Payments Interface, or UPI, has become a regular payment choice for millions of Indians as it allows consumers to transfer money from one bank account to another bank account within a few seconds, and that too without any hassle. Apps like Paytm, Google Pay, PhonePe, Amazon Pay, BHIM app, WhatsApp Pay, MobiKwik, and banking apps such as SBI Pay, BOB Pay, and Axis Pay are a few of the top UPI payments apps in the country.

Almost 6 out of 10 smartphone-owners in India have one of these apps in their smartphones, which is directly linked with their respective bank accounts. All of the apps mentioned above are secured, and as per the latest reports, the National Payments Corporation of India (NPCI) has recently developed a method for transferring funds via UPI that does not require the use of an internet or mobile application.

The newly developed technology named USSD 2.0 allows smartphone users to send money via UPI by dialling*99# instead of the old method, which only works when the phone is connected to the internet. Almost every user knows how to utilise these UPI apps, but do you know how to block or deactivate these UPI payments apps from being misused if you lose your mobile phone? If not, we’re here to be your saviour.

All major banks in India support the UPI payment system to help the country transform into a digital economy. Currently, it is the most common and most favourable payment system in the country, with over 3000 million transactions to date. Also, in a highly populated country like ours, losing a smartphone is not a big deal, but it will definitely raise security concerns if you have an active UPI account on your smartphone. 

Nowadays, even a street vendor in India offers an option to pay via UPI, and every passing day we’re getting more addicted to the transaction system. Staying safe and alerted will never wreck you down, so first, understand one crucial element about UPI payment systems before getting into the step-by-step guide. Never share your UPI PIN or any other delicate details with anyone after losing your smartphone and during the whole process.

Step-by-Step guide on How to Block UPI Payments apps if You Lose Your Phone?

  • If you have a Paytm Account:

Step 1: Take another phone and call Paytm Payments Bank helpline number 01204456456, which will connect you with the customer care executive.

Step 2: After connecting, select the option for a lost phone.

Step 3: Later on, choose the option to enter an alternative number and enter your lost mobile number.

Step 4: Choose to log out from all devices, and head to the Paytm website, to select 24×7 help.

Step 5: Further, choose ‘Report a fraud’ and select an appropriate or any category.

Step 6: Click on the “message us” option and submit proof of account ownership (it can be either your credit/debit card statement showing Paytm transactions or a confirmation email/SMS for a Paytm account transaction or police complaint proof against lost or stolen phone)

Step 7: Once verified, Paytm will approve your request and block your account, and you’ll receive a confirmation message from the company.

  • If you have a Google Pay Account:

Step 1: If you’re a Google Pay user, then call the helpline number 18004190157 to block your account

Step 2: 

  • Choose your preferred language.
  • Inform the customer care executive about your issue.
  • Ask them to block your Google Pay account.

Step 3: If you’re an Android user, then you’ve one more alternative to block your Google Pay account. Android users can ‘remote wipe’ data from their phones saving them from after theft issues.

Step 4: Meanwhile, iOS users can follow the same by erasing their data remotely, but first enable Find My iPhone settings.

  • If you have a Phonepe Account:

Step 1: Phonepe users can call the helpline number 08068727374 or 02268727374.

Step 2: Select a preferred language and report your issue with your Phone Pe account by selecting the appropriate number option.

Step 3: Enter your registered phone number to get an OTP and then choose the option of not having received OTP.

Step 4: Now, select the given option to report loss of SIM or mobile phone.

Step 5: Further, you’ll be connected to the executive who will ask you the required information related to your account, and then the executive will initiate your block request.

  • If you have any other UPI Payment Accounts:

Step 1: First, call the customer care service of your network provider and request them to block your mobile number, which will restrict thieves from misusing your mobile number, generating a new UPI PIN, and do anything with your pre-linked UPI accounts.

Step 2: Next, call your bank helpline number and request them to deactivate your account linked mobile number and disable the UPI service.

Step 3: File an FIR complaint about losing your mobile phone and get a copy of the report so that you can use the copy of the FIR to apply for the same SIM card number in future.

Paytm Steals The Show Yet Again!

Paytm Steals The Show Yet Again!

According to digital payments major Paytm, they have registered over 70 crore transactions in June 2019. This was more than the total transactions done by all UPI based payment applications like that of Amazon Pay, Google Pay, Whatsapp Pay and PhonePe.

Paytm says that the increased number of transactions are due to the flexibility it has offered to its large customer base to select their preferred payment methods like wallet, UPI, cards and net banking as compared to other players that are focussed on cash back peer to peer (P2P) transactions for growth.

Talking about Paytm, they have already announced its plans to move away from incentivising P2P transactions and commit the same amount for achieving progress in offline merchant payments. In a market size of 80 percent, it targets to reach more than 2.5 crore merchants in th financial year 2019-2020.

Senior Vice President at Paytm, Deepak Abbot said that Paytm has achieved 700 million digital transactions in June 2019, which is much higher than overall UPI total transactions. As of now, Paytm holds an 80 percent share, and now it’s targeting a wider audience.

Our View

Paytm becoming the digital king in the market and a higher percentage of the population relying on digital platforms seems that Paytm is really upping the game. With more and more people switching over to digital methods, transactions have become a lot easier, than what it used to be a few days back.

However, the only shortcoming here is talking about the Tier 2 and Tier 3 cities, that haven’t really been savvy with the digital mode of transactions. Once that is sorted, Paytm would make its presence felt even more.

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