As Paytm joins forces with four leading banks, it gains four new "@paytm" styled identifiers for UPI transactions. The NPCI has given Paytm the green light to operate within 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, which will function as Payment System Provider banks for Paytm.
The National Payments Corporation of India (NPCI) has formally approved One97 Communications Limited (OCL), Paytm's parent company, to join the Unified Payments Interface (UPI) as a Third-Party Application Provider (TPAP) within the multi-bank framework.
In this setup, four well-known banks – Axis Bank, HDFC Bank, State Bank of India, and Yes Bank – will function as Payment System Provider (PSP) banks for OCL.
Moreover, Yes Bank will also operate as the acquiring bank for all current and potential UPI merchants affiliated with OCL.
The well-known "@Paytm" handle will be handed over to Yes Bank, enabling smooth UPI payments and AutoPay instructions for current users and traders without any disruptions.
The NPCI has set aside a private user group UPI handle @ptyes for Paytm, in collaboration with Yes Bank.
Additionally, NPCI has sanctioned @pthdfc to collaborate with HDFC Bank and @ptsbi to team up 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 to make any changes.
On the 14th of March, Paytm received a third-party application provider (TPAP) license from NPCI, in partnership with SBI, Axis Bank, Yes Bank, and HDFC Bank, guaranteeing uninterrupted UPI transactions for Paytm customers.
There's a strong recommendation for OCL to speed up the transition process for all current handles and mandates, guaranteeing a seamless shift to the new PSP banks as soon as possible.
The goal of this tactical decision is to ensure the ongoing operation of UPI services for consumers and businesses, offering consistent 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 partnership with SBI, Axis Bank, Yes Bank, and HDFC Bank, to guarantee uninterrupted UPI transactions for Paytm customers.
Before, Paytm's UPI transactions were handled via Paytm Payments Bank (PPBL). Nonetheless, the Reserve Bank of India has imposed limitations on PPBL, prohibiting it from accepting deposits, credit transactions, or account top-ups after March 15.
One97 Communications Limited (OCL) owns a 49% share in PPBL, with the balance 51% owned by the company's Founder and CEO, Vijay Shekhar Sharma.
(Incorporating information from various sources)
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