I have just anecdotal evidence. I have not seen merchants switching from Paytm QR or soundbox till now. My guess is that the competition does not have enough soundboxes or salespeople to poach majority of merchants that Paytm serves. Paytm has 1.06 crore soundbox merchants. And Paytm manufactures the soundbox in India itself. Paytm even does all the software itself. In my opinion the major window which the competition had to spread misinformation was before the RBI FAQ came out. And even in that short window they did not have enough soundboxes or salespeople to deliver those soundboxes. But to be sure that this is happening we need to wait for more information from Paytm in its exchange filings .
Your understanding is correct in my opinion. The soundbox continues to work as is, only the bank account to which the money gets settled is changed.
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