Paytm has seen a major relief before the March 15 deadline. NPCI gave Paytm some positive news. One97 Communications Limited (OCL), the parent firm of Paytm, has received approval from the NPCI to operate as a third-party application provider for UPI. This authorization to offer UPI services as a Third-Party Application Provider (TPAP) under the multi-bank model has been granted by the National Payments Corporation of India (NPCI). To do this, four banks will collaborate with Paytm as Payment System Providers (PSPs).
Solace for PayTM users
Users of Paytm will profit from the NPCI’s green signal. The license to operate as a third-party application provider for UPI has been granted to One97 Communication Limited. As a result, Paytm customers and businesses can now carry on with UPI transactions starting the Paytm app without any interruption. This is a big relief news for Paytm before the RBI deadline of 15th March. Now Paytm’s UPI service will continue with the help of four banks.
Partnered with the following four banks
Paytm and four banks have partnered to maintain the UPI service. For third-party applications, Paytm has worked with Axis Bank, HDFC Bank, State Bank of India, and Yes Bank. These banks will continue to offer Paytm’s UPI service. As Paytm’s PSP (Payment System Provider), these four banks will operate. Yes Bank will serve as the acquiring bank for both new and current UPI merchants for One97 communication, according to NPCI. Yes, the Bank will be the destination for @Paytm handles. Paytm has been requested by the NPCI to move all of its current mandates and handles to the new PSP banks as soon as feasible.
Let us inform you that the Reserve Bank of India
issued an order on January 31 banning the majority of Paytm Payment Bank services. The deadline for RBI is March 15. RBI has been stringent, stating that Paytm would need to connect its UPI service to another bank to continue offering it. Paytm now has an NPCI license for this. Paytm and four banks have inked deals.
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