 "Paytm gets four new ‘@paytm’ like handles for UPI transactions as it partners with four major banks")
The National Payments Corporation of India (NPCI) has officially granted approval to One97 Communications Limited (OCL), the parent company of Paytm, to participate in the Unified Payments Interface (UPI) as a Third-Party Application Provider (TPAP) under the multi-bank model.
Under this arrangement, four prominent banks - Axis Bank, HDFC Bank, State Bank of India, and Yes Bank - will serve as Payment System Provider (PSP) banks to OCL.
Additionally, Yes Bank will also function as the merchant acquiring bank for both existing and new UPI merchants associated with OCL.
The popular “@Paytm” handle will be redirected to Yes Bank, facilitating seamless UPI transactions and AutoPay mandates for existing users and merchants without any interruptions.
NPCI has allocated a closed user group UPI handle @ptyes for Paytm in association with Yes Bank.
Furthermore, NPCI has approved @pthdfc with HDFC Bank and @ptsbi with State Bank of India as partners.
However, these two handles will not be immediately active.
A spokesperson from Paytm affirmed that users can seamlessly utilize the @paytm handle without any modifications.
On March 14, NPCI granted a third-party application (TPAP) provider permit for Paytm, collaborating with SBI, Axis Bank, Yes Bank, and HDFC Bank, ensuring the continuity of UPI transactions for Paytm users.
OCL has been strongly urged to expedite the migration process for all existing handles and mandates, ensuring a smooth transition to the new PSP banks at the earliest convenience.
Impact Shorts
More ShortsThis strategic move aims to maintain the continuity of UPI services for users and merchants, providing uninterrupted access to essential payment functionalities.
On March 14, NPCI granted a third-party application (TPAP) provider permit for Paytm, collaborating with SBI, Axis Bank, Yes Bank, and HDFC Bank, ensuring the continuity of UPI transactions for Paytm users.
Previously, Paytm’s UPI transactions were facilitated through Paytm Payments Bank (PPBL). However, PPBL has been restricted by the Reserve Bank of India from accepting deposits, credit transactions, or top-ups in customer accounts after March 15.
One97 Communications Limited (OCL) holds a 49 per cent stake in PPBL, while the company’s Founder and CEO, Vijay Shekhar Sharma, holds the remaining 51 per cent stake in the bank.
(With inputs from agencies)
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