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The National Payments Corporation of India (NPCI) has officially approved 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 OCL’s Payment System Provider (PSP) banks.
Yes Bank will also function as the merchant acquiring bank for existing and new UPI merchants associated with OCL.
The famous “@Paytm” handle will be redirected to Yes Bank, facilitating seamless UPI transactions and AutoPay mandates for existing users and merchants without 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 take time to be active.
A spokesperson from Paytm affirmed that users can seamlessly utilize the @paytm handle without any modifications.
On March 14, NPCI granted Paytm a third-party application (TPAP) provider permit, 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 as soon as possible.
This 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 percent stake in PPBL, while Vijay Shekhar Sharma, the company’s founder and CEO, holds the remaining 51 percent.
