The National Payments Corporation of India (NPCI) has approved One 97 Communications Limited (OCL), which owns the brand Paytm, to participate in the Unified Payments Interface (UPI) as a Third-Party Application Provider (TPAP) under the multi-bank model.
“NPCI grants approval to One97 Communications Limited (OCL) to participate in UPI as a Third-Party Application Provider (TPAP) under multi-bank model,” NPCI tweeted.
Four banks that will serve as payment service provider (PSP) to OCL are Axis Bank, HDFC Bank, State Bank of India, and YES Bank. YES Bank will also be acting as merchant acquiring bank for existing and new UPI merchants for OCL.
As per the information, ‘@Paytm’ handle will be redirected to YES Bank, ensuring that existing users and merchants can seamlessly continue to do UPI transactions and AutoPay mandates without any interruptions.
OCL has been advised to complete migration for all existing handles and mandates, wherever required, to new PSP banks at the earliest.
Expressing gratitude for the approval, Vijay Shekhar Sharma, the founder and CEO of Paytm, took to Twitter to extend his thanks to NPCI. “Thank you @NPCI_NPCI, committed to grow @UPI_NPCI to the new heights together @dilipasbe,” his tweet read.
