Paytm starts migrating users to new UPI IDs: What changes for you?

A QR code for the Paytm digital payment system at a store in Mumbai, India.

One97 Communications Limited (OCL), Paytm’s parent company, began migrating customers to partner payment service provider (PSP) banks Axis Bank, HDFC Bank, SBI and Yes Bank. Until now, Paytm UPI customers were using Paytm Payments Bank Limited (PPBL) which was barred by the Reserve Bank of India (RBI) from conducting several business operations.

How has been Paytm operating since RBI’s order?

Read more: Elon Musk now wants Tesla investors to approve his $56 billion 2018 salary

Since March 15, Paytm has been functioning as a third-party application provider (TPAP) and not as a payments bank app. Paytm roped in Axis Bank, Yes Bank, SBI and HDFC Bank as its payment service provider (PSP) banks to be its partners in the TPAP.

Read more: Elon Musk likely to announce $2-$3 billion India investment during visit: Report

What Paytm said on the migration process?

“Following NPCI’s approval on March 14, 2024, to onboard OCL as a Third- Party Application Provider (TPAP), 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 the process for Paytm to shift user accounts to these PSP banks,” the company said in a statement to stock exchanges.

Read more: Adani family infuses ₹8,339 crore in Ambuja Cements, raises stake to 70.3%

What changes for Paytm users?

Following this, all Paytm UPI users will be nudged for consent with a pop-up notification for using Paytm with a new UPI ID. You can pick from one of the four handles: @ptsbi, @pthdfc, @ptaxis and @ptyes.

Read more news like this on HindustanTimes.com