Paytm to partner with Axis Bank for settlement of merchant payments

Paytm said on February 16 that it has partnered with Axis Bank for the settlement of merchant payments. The company issued a release stating that One97 Communications has shifted its nodal account to Axis Bank via an escrow account that it has opened with it. The shift of nodal account to Axis Bank will ensure seamless merchant settlements as before, the release from One97 Communications added.

According to One97 Communications, the parent company of Paytm, Paytm QR, Soundbox and card machine will continue to operate seamlessly for all their merchant partners. Additionally, the Reserve Bank of India (RBI) has confirmed the continued seamless functionality of Paytm QR, Soundbox, and card machines beyond March 15. According to Paytm, merchants with fund transactions connected to any bank account other than Paytm Payments Bank need not worry about disruptions.