Paytm New UPI ID: NPCI had in March approved OCL to work with several banks as a third-party application provider (TPAP). With this permission of NPCI, Paytm will now be able to continue providing UPI service through its partner banks.
Paytm’s parent company, One 97 Communications (OCL) has now been given permission by the National Payments Corporation of India (NPCI) to link users to new banks for UPI payments. NPCI had in March approved OCL to work with several banks as a third-party application provider (TPAP). With this permission of NPCI, Paytm will now be able to continue providing UPI service through its partner banks.
The company now said this
Paytm had to face some restrictions earlier, that is why this new method has become necessary. The company wants to guarantee secure UPI payments by taking advantage of the strong infrastructure of its new partner banks. The company said in a stock exchange filing, ‘NPCI had approved the addition of OCL as a Third-Party Application Provider (TPAP) on the Multi Payment Service Provider API model on March 14, 2024. After this, Paytm has accelerated the process of integration with Axis Bank, HDFC Bank, State Bank of India (SBI) and YES Bank. These four banks are now operational on TPAP, making it easier for Paytm to transfer user accounts to these PSP banks.
Which are the banks to which Paytm can migrate its customers?
Paytm will gradually transfer its users from its Paytm Payments Bank to new accounts in four big banks – Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank.
What does it mean?
Paytm will help you make these changes easily. You will be able to make UPI payment and autopay payment like before. Paytm will use the strong systems of its new partner banks to protect your money. When you transfer from Paytm to another bank, your old UPI ID (which was with “@paytm”) will change. The new UPI ID will be in the name of one of the four banks – @ptsbi, @pthdfc, @ptaxis or @ptyes.
This change is being made so that users and shopkeepers do not face any problem in UPI payment. First of all, users with “@paytm” will be transferred to new banks.
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