Paytm news update
On Tuesday, One97 Communications (OCL), the owner of Paytm, obtained approval from the National Payment Corporation of India (NPCI) to commence the migration of users from the existing Paytm Payments Bank UPI handle to new Payment System Provider (PSP) bank handles.
“In light of NPCI’s endorsement on March 14, 2024, to onboard OCL as a third-party application provider (TPAP) using the multi-payment service provider API model, Paytm has accelerated its integration efforts with Axis Bank, HDFC Bank, State Bank of India (SBI), and Yes Bank,” stated the company in an exchange filing. It further noted that all four banks are now operational on the TPAP, simplifying the process for Paytm to transfer user accounts to these PSP banks.
Earlier this year, the RBI had prohibited Paytm Payments Bank from providing most of its services, citing significant regulatory oversights.
