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Paytm acquires four '@paytm' similar IDs for UPI transactions through collaboration with four leading banks
NPCI has permitted Paytm 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 sanctioned One97 Communications Limited (OCL), Paytm's parent company, to join the Unified Payments Interface (UPI) as a Third-Party Application Provider (TPAP) within the framework of the multiple-bank model.
In this agreement, four leading banks – Axis Bank, HDFC Bank, State Bank of India, and Yes Bank – will act as Payment System Provider (PSP) banks for OCL.
Furthermore, Yes Bank will also serve as the transaction processing bank for both current and future UPI merchants linked with OCL.
The well-known "@Paytm" handle will be transferred to Yes Bank, ensuring smooth UPI transactions and AutoPay orders for current users and merchants without any disruptions.
The NPCI has designated a private user group UPI handle @ptyes for Paytm, in collaboration with Yes Bank.
Additionally, NPCI has given the green light to @pthdfc and HDFC Bank along with @ptsbi and State Bank of India to become partners.
Nonetheless, these two controls won't be instantly operational.
A representative from Paytm confirmed that users can effortlessly use the @paytm handle as it is, without making any changes.
The National Payments Corporation of India (NPCI) issued a third-party application provider (TPAP) license to Paytm on March 14. This was done in partnership with SBI, Axis Bank, Yes Bank, and HDFC Bank, guaranteeing uninterrupted UPI transactions for Paytm customers.
There is a strong recommendation for OCL to hasten the transfer procedure for all current handles and mandates, to guarantee a seamless shift to the new PSP banks as soon as possible.
This tactical step is designed to ensure the continuous operation of UPI services for customers and sellers, offering uninterrupted usage of crucial payment features.
The National Payments Corporation of India (NPCI) approved a third-party application provider (TPAP) license for Paytm on March 14. The approval was in conjunction with SBI, Axis Bank, Yes Bank, and HDFC Bank, which guarantees uninterrupted UPI transactions for Paytm users.
Before, Paytm's UPI transactions were conducted via Paytm Payments Bank (PPBL). Nevertheless, after March 15, the Reserve Bank of India put restrictions on PPBL, preventing it from accepting deposits, credit transactions, or account top-ups from customers.
One97 Communications Limited (OCL) possesses a 49% share in PPBL. The rest of the 51% share is owned by the bank's Founder and CEO, Vijay Shekhar Sharma.
(Incorporating information from various sources)
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