Paytm to partner 4 banks for UPI

Mar13,2024



Mumbai: One97 Communications is likely to happen partner There will be agreement between SBI, HDFC Bank, Axis Bank and Yes Bank. is i Transactions when third-party app provider licenses are obtained.
Banking sources said the switchover will be smooth and phased, as the @paytm handle will remain intact. However, instead of pointing to PPBL, these handles will point to one of four banks For disposal.
Sources said PPBL's system will continue to work even after March 15 as customers will be able to operate their accounts for withdrawals and the bank will continue to provide UPI services to facilitate withdrawals.
“Unlike the case of Yes Bank in March 2020, there is no pressure as PPBL has to remain operational due to RBI directions,” said a senior banker. He said the transfer of the settlement to the four banks would happen in phases, and once One97 Communications received permission to onboard customers with the new TPAP license, it would have to provide a new handle.
On behalf of the business class, those who have current accounts with PPBL are being transferred to other banks individually. The company has already opened a nodal account in Axis Bank and will soon open accounts in other banks also.



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