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Paytm acquires four new '@paytm' style identifiers for UPI transactions through partnership with four prominent banks
The NPCI has granted permission for Paytm, operated by One97 Communications Limited, to join the UPI network as a Third-Party Application Provider. It 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) under the multiple-bank model.
In this setup, four notable banks – Axis Bank, HDFC Bank, State Bank of India, and Yes Bank – will function as Payment System Provider (PSP) banks for OCL.
Furthermore, Yes Bank will also operate as the merchant acquiring bank for both current and prospective UPI merchants affiliated with OCL.
The well-known "@Paytm" handle will now be directed to Yes Bank, enabling smooth UPI transactions and AutoPay orders for current users and businesses without any disruptions.
The NPCI has set up a private UPI handle @ptyes for Paytm in collaboration with Yes Bank.
Additionally, NPCI has sanctioned @pthdfc to collaborate with HDFC Bank and @ptsbi to join hands with State Bank of India as associates.
Nonetheless, these two grips won't be instantly functional.
A representative from Paytm confirmed that users can effortlessly use the @paytm handle without making any changes.
The National Payments Corporation of India (NPCI) on March 14, authorized Paytm as a third-party application provider (TPAP). This was in partnership with SBI, Axis Bank, Yes Bank, and HDFC Bank, thereby guaranteeing uninterrupted UPI transactions for Paytm customers.
There has been a strong recommendation for OCL to speed up the transfer process for all existing accounts and directives, making sure of a seamless switch to the new PSP banks as soon as possible.
This tactical action is intended to ensure the consistent availability of UPI services for consumers and vendors, enabling continuous use of critical payment features.
On March 14, NPCI approved a third-party application (TPAP) provider license for Paytm, in association with SBI, Axis Bank, Yes Bank, and HDFC Bank, to guarantee the ongoing operation of UPI transactions for Paytm customers.
In the past, Paytm's UPI transactions were handled via Paytm Payments Bank (PPBL). But, following March 15, the Reserve Bank of India has imposed restrictions on PPBL, prohibiting it from receiving deposits, processing credit transactions, or adding funds to customer accounts.
The company One97 Communications Limited (OCL) possesses a 49% ownership in PPBL. The rest of the 51% ownership is held by the founder and Chief Executive Officer of the company, Vijay Shekhar Sharma.
(Incorporating information from various sources)
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