Paytm Receives NPCI Approval to Migrate User Accounts to New Banks

Paytm, India’s leading payments and financial services company, has received approval from the National Payment Corporation of India (NPCI) to commence user migration to new Payment System Provider (PSP) bank handles. This move comes after NPCI’s authorization on March 14, 2024, to onboard One 97 Communications Limited (OCL), the parent company of Paytm, as a Third Party Application Provider (TPAP) on the Multi Payment Service Provider API Model.

The integration with Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank has been expedited by Paytm, with all four banks now operational on the TPAP. This streamlines the process for Paytm to transition user accounts to these PSP banks.

In line with this approval, Paytm has initiated the migration of ‘@paytm’ handle users to the aforementioned banks, ensuring seamless UPI payments. A spokesperson from Paytm emphasized the company’s commitment to expanding the UPI ecosystem across India in collaboration with NPCI.

By leveraging the robust infrastructure of its banking partners, Paytm aims to facilitate uninterrupted and secure UPI payments for both users and merchants through its platform.

This development underscores Paytm’s dedication to enhancing the efficiency and accessibility of digital payment services while adhering to regulatory standards set by NPCI. For more updates on market coverage and business news, visit https://kanishksocialmedia.in

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