There is no indication that Paytm Payments Bank’s problems would get better. Paytm is currently working to maintain the UPI service. One 97 Communications may transfer ownership of its Paytm app to another entity. Its goal in doing this, according to the Economic Times report, is to ensure that its consumers may still access UPI services. According to the article, the business has begun discussing this with the National Payments Corporation of India (NPCI). The UPI ecosystem in the nation is managed by NPCI.
Customer KYC may be completed once more.
Starting on March 1, Paytm is attempting to provide its users with VPAs from three or more banks. The Reserve Bank of India directed Paytm Payments Bank to cease payment services from various platforms including UPI from February 29. After this, there are clouds of crisis on UPI service also. For this reason, various efforts are being made by Paytm. According to the ET report, the process for merchant payment may be a bit complicated. Banks may again be asked to get KYC done for their customers.
Beginning on March 1, Paytm Payments Bank service will cease.
Users for UPI can keep using the service to modify the VPA in the backend. According to those with knowledge of the situation, Paytm Payments Bank will cease operations on March 1. The Paytm app will eventually become a third-party app in such a scenario. UPI will be integrated via additional lenders. Following this modification, it will also be able to use Google Pay, Amazon Pay, and PhonePe.
There are now 22 third-party apps compatible
with UPI. Via TPAP, Axis Bank, HDFC Bank, and ICICI Bank assist numerous fintechs. Addresses used by banks and fintechs combine the names of their respective brands. For instance, Google prefixes its words with “ok,” which is derived from ‘OkGoogle’. PhonePe’s VPA issued through Yes Bank uses ‘ybl’.
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