Paytm will continue to see a decline in transactions on the Unified Payments Interface (UPI) for the next few weeks because it cannot add users until the existing lot is moved to a new handle, people in the know said.
In February, the Reserve Bank of India (RBI) directed One97 Communications (OCL), the company that operates brand Paytm, to not add users until all its existing users were "migrated satisfactorily" to a new handle or a virtual payment address.
On January 31, the banking regulator asked the bank to stop operations from March 1, a deadline which was later extended to March 16.
The number of Paytm PB transactions on UPI dipped 10.4 per cent to 1.40 billion in February from 1.56 billion in January this year.
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China's exports rebound in April, signalling demand recovery
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