Good news for Paytm users: NPCI approves migration of users to PSP banks; read details
By Vinaykumar Patil | First Published Apr 18, 2024, 4:06 PM ISTPaytm, operated by One97 Communications, has received approval from NPCI to migrate users to new PSPs managed by banks, ensuring uninterrupted UPI services after its banking unit ceased operations. Users will authorize the transition to new UPI IDs associated with SBI, Axis Bank, HDFC Bank, or YES Bank. This transition aligns with regulatory requirements and enables Paytm to maintain seamless UPI services.
Paytm, operated by One97 Communications (OCL), has received approval from the National Payments Corporation of India (NPCI) to initiate the migration of users to a new payment service provider (PSP) managed by banks. This move aims to ensure uninterrupted UPI services for Paytm users after its banking unit, PPBL, ceased operations due to regulatory actions.
Under the new system, Paytm users will be asked to authorize the transition to a new UPI ID associated with one of four banks: State Bank of India (SBI), Axis Bank, HDFC Bank, and YES Bank. This authorization process will allow Paytm to continue offering seamless UPI services, enabling users to send and receive money without any disruption.
Paytm receives NPCI approval for UPI third-party services
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In line with NPCI's approval on March 14, 2024, for OCL to join as a Third-Party Application Provider (TPAP) within the Multi Payment Service Provider API Model, Paytm has expedited its integration with the aforementioned banks. All four banks are now operational on the TPAP streamlining process, facilitating the smooth transition of user accounts to these PSP banks.
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"Following NPCI’s approval on March 14, 2024, to onboard OCL as a Third-Party Application Provider (TPAP) on the Multi Payment Service Provider API Model, Paytm has expedited the integration with Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank. All four banks are now operational on the TPAP streamlining process for Paytm to shift user accounts to these PSP banks," the company stated in its announcement shared on X (formerly Twitter).
As part of this transition, users will have their '@paytm' handles replaced with new UPI IDs from the participating banks, including '@ptsbu', '@pthdfc', '@ptaxis', or '@ptyes'. This change ensures Paytm's compliance with regulatory requirements while maintaining its commitment to providing reliable UPI services to its customers. The approval from NPCI marks a significant milestone for Paytm, enabling it to continue serving its users with uninterrupted UPI services following the regulatory actions against its banking unit.
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