- NPCI has approved Paytm’s parent company, OCL, to migrate user accounts to new Payment System Provider (PSP) banks.
- Paytm has integrated with major banks like Axis Bank, HDFC Bank, SBI, and YES Bank under the Third-Party Application Provider (TPAP) model.
- The transition ensures a seamless experience for users, enhancing UPI payments across India.
In a significant development, Paytm, through its parent company One 97 Communications Limited (OCL), has received approval from the National Payment Corporation of India (NPCI) to transition user accounts to new Payment System Provider (PSP) banks. This approval follows NPCI’s endorsement on March 14, 2024, to onboard OCL as a Third-Party Application Provider (TPAP) under the Multi Payment Service Provider API Model. As part of this integration, Paytm has swiftly partnered with major banks like Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank.
With the integration of these banks under the TPAP model, Paytm aims to streamline the process of shifting user accounts to these PSP banks, particularly the ‘@paytm’ handle users. This move ensures a seamless experience for users engaging in UPI payments through the Paytm app. A spokesperson for Paytm emphasized their commitment to expanding the UPI ecosystem across India in collaboration with NPCI and leveraging the robust infrastructure of their banking partners. This initiative assures users and merchants of uninterrupted and secure UPI payments, contributing to the growth of digital payments nationwide.
