Paytm has receive the nod from NPCI to start the user migration to new Payment System Provider (PSP) bank handles, the One 97 Communications Limited (OCL) inform the stock exchanges in a filing.
After NPCI’s approval on 14th March 2024 to onboard OCL as a Third-Party Application Provider (TPAP) on the Multi Payment Service Provider API Model, Paytm has expedited the integration with Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank, OCL said in a press release.
As per press release :
"One 97 Communications Limited (OCL) that owns the brand Paytm, India's leading payments and financial services company and the pioneer of QR, soundbox and mobile payments, has receive go ahead, yesterday from the National Payment Corporation of India (NPCI) to start the user migration to new Payment System Provider (PSP) bank handles immediately,".
All four banks are now operational on the TPAP, streamlining the process for Paytm to shift user accounts to these PSP banks.
OCL has start transitioning ‘@paytm’ handles users to these banks, ensuring seamless UPI payments, as per release said.
Leveraging the robust infrastructure of its banking partners, Paytm ensures uninterrupt and secure UPI payments for both users and merchants via the Paytm app, as per release said.
In its filing with stock exchanges, OCL said that its communication is in continuation to earlier letter on 14th March, 2024, vide which “we had inform receipt of approval from the National Payment Corporation of India (NPCI) to the Company to participate in UPI as a Third-Party Application Provider (TPAP) under multibank mode”.
Earlier on 14th March 2024, NPCI had given approval to One97 Communications Limited participating in UPI as TPAP under the multi-bank model.
This arrangement was done to enable existing users and merchants to continue to do UPI transactions and AutoPay mandates seamlessly and uninterruptedly.
National Payments Corporation of India (NPCI) was incorporate in 2008 as an umbrella organisation for operating retail payments and settlement systems in India.
