Paytm Bags NPCI Approval for User Migration to New Payment System Provider Banks

Apr18,2024



One 97 Communications Ltd (OCL), which owns the brand Paytm, has received approval from NPCI to initiate user migration to the new payment system provider (PSP) bank handle, the company informed in a filing to stock exchanges on Wednesday. Did.

Following NPCI approval on March 14, 2024, to engage OCL as a Third-Party Application Provider (TPAP) on the Multi Payment Service Provider API model, Paytm has partnered with Axis Bank, HDFC Bank, State Bank of India (SBI). Has accelerated integration with. and Yes Bank, the company said in a press release.

“One 97 Communications Limited (OCL), India's leading payments and financial services company and owner of Paytm, the leading brand of QR, Soundbox and mobile payments, has received the nod from the National Payments Corporation of India (NPCI) yesterday. “The user is transferred to the new payment system provider (PSP) bank immediately,” the release said.

All four banks are now working on TPAP, simplifying the process for Paytm to transfer user accounts to these PSP banks.

The company has started migrating '@paytm' users to these banks, ensuring seamless UPI payments, the release said.

A Paytm spokesperson said, “We are committed to growing the UPI ecosystem in every corner of India in partnership with NPCI.”

Leveraging the strong infrastructure of its banking partners, Paytm ensures seamless and secure UPI payments for both users and merchants through the Paytm app, the release said.

In its filing with the stock exchanges, the company said its communication is in line with the earlier letter dated March 14, 2024, through which “we informed the company of receipt of approval from the National Payments Corporation of India (NPCI) to participate in Gave it.” UPI as a Third-Party Application Provider (TPAP) under Multibank Mode”.

Earlier on March 14, NPCI had approved One97 Communications Limited to participate in UPI as TPAP under the multi-bank model.

This arrangement was made to enable existing users and merchants to continue carrying out UPI transactions and autopay mandates uninterrupted.

National Payments Corporation of India (NPCI) was incorporated in 2008 as a premier organization for operating retail payment and settlement systems in India.


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