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Four new '@paytm' equivalent handles are now available for UPI transactions after Paytm joined forces with four major banks.
The NPCI has given Paytm the green light to join the UPI network as a third-party application provider. One97 Communications Limited will now collaborate with Axis Bank, HDFC Bank, State Bank of India, and Yes Bank, who will function as payment system provider banks for Paytm.
The National Payments Corporation of India (NPCI) has formally given the green light to One97 Communications Limited (OCL), Paytm's parent company, to join the Unified Payments Interface (UPI) as a Third-Party Application Provider (TPAP) following the multi-bank model.
In this setup, four leading banks – Axis Bank, HDFC Bank, State Bank of India, and Yes Bank – will act as Payment System Provider (PSP) banks for OCL.
Moreover, Yes Bank will also operate as the merchant acquiring bank for both pre-existing and new UPI merchants linked with OCL.
The well-known "@Paytm" handle will be transferred to Yes Bank, allowing for smooth UPI transactions and AutoPay orders for current users and sellers without any disruptions.
The NPCI has assigned a private UPI handle @ptyes to Paytm, in collaboration with Yes Bank.
Additionally, NPCI has given the green light to @pthdfc to partner with HDFC Bank and @ptsbi to collaborate with State Bank of India.
Nonetheless, these two controls won't be instantly operational.
A representative from Paytm confirmed that users can effortlessly use the @paytm handle without needing any changes.
The National Payments Corporation of India (NPCI) approved Paytm's third-party application provider (TPAP) license on March 14. This was made possible through a partnership with SBI, Axis Bank, Yes Bank, and HDFC Bank, thus securing uninterrupted UPI transactions for Paytm users.
There has been a strong push for OCL to speed up the transition process for all existing handles and mandates. This is to guarantee a seamless shift to the new PSP banks as soon as possible.
This tactical decision is designed to ensure the uninterrupted flow of UPI services for customers and vendors, offering continuous availability of crucial payment features.
The National Payments Corporation of India (NPCI) approved a third-party application provider (TPAP) license for Paytm on March 14. This was done in association with SBI, Axis Bank, Yes Bank, and HDFC Bank, thereby ensuring uninterrupted UPI transactions for Paytm users.
Before, Paytm's UPI transactions were handled via the Paytm Payments Bank (PPBL). But, the Reserve Bank of India has now prohibited PPBL from taking deposits, processing credit transactions, or adding funds to customer accounts after March 15.
One97 Communications Limited (OCL) owns 49 percent of PPBL, with the balance 51 percent being owned by the bank's Founder and CEO, Vijay Shekhar Sharma.
(Incorporating information from various sources)
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