 "Vijay Shekhar Sharma")
UPI, operated by the NPCI, is India’s real-time payments system that allows users to transfer money across banks
The National Payments Corporation of India on Thursday granted approval to Paytm-owner One97 Communications Ltd to participate in UPI as a Third-Party Application Provider (TPAP) under the multi-bank model.
Axis Bank, HDFC Bank, State Bank of India, and YES Bank will act as Payment System Provider (PSP) banks to Paytm.
YES Bank shall also be acting as merchant acquiring bank for existing and new UPI merchants for One97 Communications Ltd (OCL). @Paytm handle shall be redirected to YES Bank, NPCI said in a statement.
NPCI grants approval to One97 Communications Limited (OCL) to participate in UPI as a Third-Party Application Provider (TPAP) under multi-bank model.@dilipasbeRead more here: https://t.co/XuJpyiiRNq
— NPCI (@NPCI_NPCI) March 14, 2024
OCL provides payment services under the Paytm brand.
“This will enable existing users and merchants to continue to do UPI transactions and AutoPay mandates in a seamless and uninterrupted manner,” it said.
Paytm has been advised to complete migration for all existing handles and mandates, wherever required, to new PSP banks at the earliest.
First Published: Mar 14 2024 | 7:13 PM IST