Paytm accelerates user migration to PSP Banks with NPCI approval

NEW DELHI — One 97 Communications Limited (OCL) which owns the brand Paytm, India’s leading payments and financial services company and the pioneer of QR, soundbox and mobile payments, received go ahead, on Tuesday from the National Payment Corporation of India (NPCI) to start the user migration to new Payment System Provider (PSP) bank handles immediately.

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 the process for Paytm to shift user accounts to these PSP banks.

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.

Leveraging the robust infrastructure of its banking partners, Paytm ensures uninterrupted and secure UPI payments for both users and merchants through the Paytm app.