Big News For Paytm UPI Users! Company Starts Transferring '@paytm' Handles To Other Banks

big news for paytm upi users! company starts transferring ‘@paytm’ handles to other banks

One97 Communications Limited (OCL), the parent company of Paytm, has been authorized by the National Payments Corporation of India (NPCI) to commence the process of migrating users to new Payment System Provider (PSP) bank handles. The company disclosed this information in a filing to the stock exchanges on Wednesday.

After receiving approval from the NPCI on March 14, 2024, to include OCL as a Third-Party Application Provider (TPAP) on the Multi Payment Service Provider API Model, Paytm has accelerated its integration efforts with Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank, as stated in a press release by the company.

“One 97 Communications Limited (OCL) that 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.

Notably, all four banks are now operational on the TPAP, streamlining the process for Paytm to shift user accounts to these PSP banks. According to the release, the company has started transitioning ‘@paytm’ handles users to these banks, ensuring seamless UPI payments.

“We are committed to grow the UPI ecosystem in partnership with NPCI to every nook and corner of India,” a Paytm spokesperson said.

The release further mentioned “Paytm ensures uninterrupted and secure UPI payments for both users and merchants through the Paytm app.”

In its filing with stock exchanges, as reported by ANI, the company said that its communication is in continuation to earlier letter dated March 14, 2024, vide which “we had informed receipt of approval from the National Payment Corporation of India (NPCI) to the Company to participate in UPI as a Third-Party Application Provider (TPAP) under multibank mode”.

On March 14, NPCI approved One97 Communications Limited’s participation in UPI as a Third-Party Application Provider (TPAP) under the multi-bank model. This decision was made to ensure that current users and merchants can continue conducting UPI transactions and AutoPay mandates seamlessly and uninterruptedly. NPCI, established in 2008, serves as the umbrella organization for operating retail payments and settlement systems in India.