Activities
Divisions
Performances
Activities
Divisions
Performances
Paytm acquires four additional '@paytm' style usernames for UPI transactions through partnerships with four leading banks
The NPCI has granted Paytm the permission 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, which will act 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 firm, to join the Unified Payments Interface (UPI) as a Third-Party Application Provider (TPAP) within the framework of the multi-bank model.
In this setup, four leading 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 serve as the merchant gaining bank for both current and new UPI merchants affiliated with OCL.
The well-known "@Paytm" handle will be shifted to Yes Bank, ensuring smooth UPI transactions and AutoPay directives for current users and businesses without any disruption.
The NPCI has set up a private UPI handle @ptyes for Paytm, in collaboration with Yes Bank.
In addition, NPCI has sanctioned partnerships between @pthdfc and HDFC Bank, as well as between @ptsbi and 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.
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 several banks including SBI, Axis Bank, Yes Bank, and HDFC Bank, to guarantee uninterrupted UPI transactions for Paytm customers.
There's a strong recommendation for OCL to speed up the transfer procedure for all current handles and mandates, guaranteeing a seamless shift to the new PSP banks as soon as possible.
This tactical approach is designed to ensure the seamless operation of UPI services for both users and vendors, offering non-stop access to crucial payment features.
The National Payments Corporation of India (NPCI) gave Paytm, a third-party application provider (TPAP), authorization on March 14. This was done in partnership with SBI, Axis Bank, Yes Bank, and HDFC Bank, to maintain uninterrupted UPI transactions for Paytm customers.
Before, Paytm's UPI transactions were handled via Paytm Payments Bank (PPBL). But, the Reserve Bank of India has imposed limits on PPBL, preventing it from accepting deposits, credit transactions, or topping up customer accounts after March 15.
One97 Communications Limited (OCL) owns 49% of PPBL, with the remaining 51% being owned by the bank's Founder and CEO, Vijay Shekhar Sharma.
(Incorporating information from various sources)
Look for us on YouTube
Best Programs are available on YouTube
Firstpost holds all rights under copyright law as of 2024.
+ There are no comments
Add yours