Paytm partners with Axis Bank for merchant payments settlement

One97 Communications shifts nodal account to Axis Bank

Paytm announced on February 16 that it has teamed up with Axis Bank for the settlement of merchant payments. The company revealed in a statement that One97 Communications, its parent company, has transferred its nodal account to Axis Bank through an escrow account.

This move to Axis Bank for the nodal account aims to ensure uninterrupted settlement of merchant transactions, according to One97 Communications.


One97 Communications assured that Paytm QR, Soundbox, and Card Machine will continue to function smoothly for all their merchant partners. The company also confirmed that these services will operate seamlessly even after March 15, as per the confirmation by the Reserve Bank of India (RBI).

Merchants conducting fund transactions through bank accounts other than Paytm Payments Bank need not be concerned about disruptions, Paytm emphasized. The company stated that merchants using Paytm QR codes, Paytm Soundbox, or Paytm POS terminals linked to non-Paytm Payments Bank accounts can continue their operations without any interruptions beyond March 15, 2024.

A spokesperson from Paytm stated, “We are committed to providing seamless service to our merchant partners, with a focus on compliance and regulatory guidelines. We assure our users that the Paytm app, and our pioneering devices like Paytm QR, Soundbox, Card Machine will continue to work as always. The shift of the nodal account to Axis Bank (by opening an Escrow Account) will ensure seamless merchant settlements as before. We strive to continue to empower Indians, contributing significantly to the country’s financial inclusion journey.”