Millions of Indians are going to face payment hassles from September 1. Insurance premiums, subscriptions like Netflix/Amazon Prime, and auto-payment services may stop suddenly. Read this report by Shyam Ghosh and Anshika Kayastha…
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From September 1, millions of Indians are going to face trouble in payments. Insurance premiums, subscriptions like Netflix/Amazon Prime, and auto-payment services may stop suddenly. The reason is that Paytm’s old UPI handle @paytm is being completely shut down. This news is important for millions of customers who still depend on auto-payments linked to the old @paytm handle. Trouble can be avoided by taking action in time. Read this report by Shyam Ghosh and Anshika Kayastha…
Why is the shutdown happening?
RBI had banned this handle last year due to irregularities in Paytm Payments Bank. NPCI (National Payments Corporation) had ordered all @paytm users to shift to other banks. But many people have not yet changed their auto-pay.
31 August is the last deadline
NPCI has said that 31 August is the last deadline. It has been extended twice, now there will be no more time. Banks and companies have been warned to help customers set up a new payment link immediately.
Customers should do this immediately
1. Check all your auto-pays (insurance, subscription, loan EMI etc.).
2. If there is an @paytm link anywhere, cancel it.
3. Authorize new auto-pay from new bank account (like SBI, HDFC, PhonePe or new Paytm-Yes Bank).
Keep in mind, no company or bank can change your auto-pay without your consent. You have to do this work yourself.
Where will the problem arise?
Insurance premium: Annual premiums of about ₹ 14,000 crore may get stuck. Risk of policy lapse.
OTT/App Subscription: Services like Netflix, Amazon Prime, Spotify may stop suddenly.
Loan/Credit Card Payment: Not paying EMI may result in late fees or your credit score may get affected.
Alert! If you do not do this…
If you do not do auto-pay transfer before September 1, insurance companies will send reminders, subscription services will be suspended, manual payment will require extra effort.
