Cautionary Advice: Why Small Traders Should Avoid Business Transactions via Paytm

The Need to Keep Business and Money Secure

Payment apps are facing daily new restrictions from banks. The RBI’s imposed restrictions have brought more discouraging news for banks. Traders’ organization ‘CAT’ is appealing to traders to use alternative payment options for business transactions instead of payment wallets. The RBI had imposed restrictions on payment wallets and bank operations.

CAT has stated that the Reserve Bank has imposed restrictions on payment wallets. Therefore, small traders need to find alternatives. This will keep their money safe. Additionally, business will continue smoothly without any hindrance.

The Confederation of All India Traders (CAT) says that small traders, vendors, hawkers, and women are running businesses through payment wallets in large numbers. Small traders have been trapped in major difficulties due to the transactions taking place through payment wallets.

CAT’s Secretary-General Praveen Khandelwal said that the RBI’s action also poses a threat to financial services provided by payment wallets.