One 97 Communications Limited (OCL), which owns the Paytm brand, has received approval from the NPCI to begin migrating users to a new Payment System Provider (PSP) bank.
Paytm joins Axis Bank, HDFC Bank and State Bank of India (SBI) after NPCI received approval to appoint OCL as Third Party Application Provider (TPAP) for the Multi-Service Provider API model on March 14, 2024 to install, the bank said in a press release
All four banks are now TPAP enabled, simplifying the process for Paytm to transfer user accounts to these PSP banks.
According to a press release, the company announced that it will transfer user processing with “@paytm” to these banks to ensure seamless UPI payments.
A Paytm spokesperson said, “We are committed to working with NPCI to expand the UPI ecosystem to every corner of India.”
The press release stated that Paytm will leverage the robust infrastructure of its banking partners to ensure seamless and secure UPI payments for users and merchants through the Paytm app.
The company said in a stock exchange filing that the notice was a follow-up to an earlier letter dated March 14, 2024 (see video). UPI as Third Party Application Provider (TPAP) in multibank mode.
Earlier, on March 14, NPCI approved One97 Communications Limited to join UPI as a TPAP under the multibank model.
This agreement was made to ensure that existing users and merchants can continue to carry out UPI transactions and automatic payment obligations seamlessly and without disruption.
The National Payments Corporation of India (NPCI) was established in 2008 as an umbrella organization to implement retail payments and settlement systems in India.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.