Paytm News: Payment Apps Looking to Seize Opportunity After RBI Bans Paytm Payments Bank Operations

Paytm News: The RBI recently banned any kind of credit transaction on Paytm Payments Bank after 29th January, which further got extended to 15th March. After this decision, many payment apps have come into action to replace the leading fintech company amidst the ongoing crisis. Paytm has a large share in the QR, Soundbox, and Fastag markets, owned by other payment apps and banks. 

Other Payment Apps in Action

According to Money Control, the Bank of India has hired an agency to increase its Soundbox business. Apart from banks, Airtel Payments Bank is also keeping a watch on Paytm’s Fastag business. Airtel has increased its Fastag business and the company has been able to maintain its business. Apart from QR and Fastag business, Paytm Payments Bank’s services have been closed, so Paytm users are now moving to other payment apps.