Paytm’s Game-Changing Partnership with Four Major Banks: Expanding UPI Transactions with New Handles

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Paytm introduces four new '@paytm' similar handles for UPI transactions, thanks to its collaboration with four leading banks

Paytm has been granted permission by the NPCI to join the UPI network as a Third-Party Application Provider. One97 Communications Limited will be joining forces with Axis Bank, HDFC Bank, State Bank of India, and Yes Bank, who will function as Payment System Provider banks for Paytm.

The Indian National Payments Corporation (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 framework of the multi-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.

Moreover, Yes Bank will also operate as the acquiring bank for both current and prospective UPI merchants affiliated with OCL.

The well-known "@Paytm" handle will now be linked to Yes Bank, ensuring smooth UPI transactions and AutoPay instructions for current users and vendors without any disruptions.

The NPCI has set up a private UPI handle @ptyes for Paytm, in collaboration with Yes Bank.

Additionally, NPCI has given its approval for @pthdfc to partner with HDFC Bank and @ptsbi to collaborate with State Bank of India.

Nonetheless, these two handles 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, the National Payments Corporation of India (NPCI) approved a third-party application provider (TPAP) license to Paytm, in cooperation with State Bank of India, Axis Bank, Yes Bank, and HDFC Bank. This ensures uninterrupted UPI transactions for Paytm customers.

OCL has been emphatically encouraged to accelerate the transfer process for all current handles and mandates, guaranteeing a seamless shift to the new PSP banks as soon as possible.

This tactical step is designed to ensure the ongoing availability of UPI services for customers and vendors, offering constant access to crucial payment features.

The National Payments Corporation of India (NPCI) gave Paytm, a third-party application provider (TPAP), a license 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). However, after March 15, the Reserve Bank of India has limited PPBL's abilities to accept deposits, credit transactions, or account top-ups.

One97 Communications Limited (OCL) possesses 49% of PPBL's shares, with the remaining 51% owned by the bank's Founder and CEO, Vijay Shekhar Sharma.

(Incorporating information from various sources)

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