Paytm starts migrating its users to PSP banks
Mumbai: One 97 Communications (OCL), the company that operates Paytm, has been granted permission by the National Payments Corporation of India (NPCI) to migrate its users to different banks for UPI transactions.
This development follows NPCI's approval in March for OCL to function as a Third-Party Application Provider (TPAP) within a multi-bank framework.
"One 97 Communications Limited (OCL) which owns the brand Paytm, India's leading payments and financial services company and the pioneer of QR, soundbox and mobile payments, has received 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," the release said.
Paytm will transfer its users from Paytm Payments Bank to accounts with four prominent banks: Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank.
This shift aims to maintain seamless UPI payments for both customers and merchants.
Those with "@paytm" handles will be the initial group to undergo migration.
Following NPCI's authorization, Paytm will be able to sustain its UPI services via these partner banks. This revised setup is essential due to prior restrictions imposed on Paytm Payments Bank by the Reserve Bank.
After RBI’s restrictions, Paytm has been working to ensure users a smooth transition, ensuring uninterrupted access to UPI payments and AutoPay mandates.
Leveraging the strong infrastructure of its new banking partners, the company ensures secure UPI transactions. Upon migration to a different partner payment service provider bank, Paytm users' current UPI ID with ‘@paytm’ will change to a new UPI ID with one of the following: @ptsbi, @pthdfc, @ptaxis, or @ptyes, said media reports.
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