Paytm UPI users ALERT! Vijay Shekhar Sharma's company starts transferring '@paytm' handles to THESE banks

paytm upi users alert! vijay shekhar sharma’s company starts transferring ‘@paytm’ handles to these banks

Paytm parent company, One97 Communications Limited has initiated transferring of @Paytm handles of UPI users to new Payment System Provider (PSP) bank handles following the National Payment Corporation of India(NPCI)’s green signal. Paytm said that all four banks are now operational on the TPAP, streamlining the process for Paytm to shift user accounts to these PSP banks.

The Company in the BSE Exchange filing informed, “…has started transitioning ‘@paytm’ handles users to these banks, ensuring seamless UPI payments.”

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.

Paytm UPI users can now create new VPAs with partner PSP banks.

RBI bars Paytm Payment Banks

RBI had ordered Paytm Payment Banks on January 31 to discontinue its services including deposits, transactions and top-ups from March 15 onwards due to persistent issues. RBI gave a month and a half month relaxation to wind up its business. The order came as a major blow to Paytm’s banking arm, causing a major disruption.

In an overhaul after the order of NPCI to migrate UPI paytm handles users to continue payment business, Paytm has partnered with several banks such as Axis Bank, HDFC, SBI and Yes Bank.

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