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HomeNewsPaytm gets regulator nod to become a third-party UPI app

Paytm gets regulator nod to become a third-party UPI app

Mar 14, 2024 07:05 PM IST

Paytm third party app: For Paytm, four banks will act as partner banks- Payment System Provider (PSP)- in order to aid the payment service.

Paytm third party app: National Payments Corporation of India (NPCI) granted approval to One97 Communications Limited (OCL), Paytm’s parent entity, to participate in UPI services as a third-party application provider (TPAP). For Paytm, four banks will act as partner banks- Payment System Provider (PSP)- in order to aid the payment service.

A QR code of Paytm is seen at a mobile repairing shop in Kolkata, India.(Reuters)
A QR code of Paytm is seen at a mobile repairing shop in Kolkata, India.(Reuters)

Read more: Paytm Payments Bank closes on March 15: What will work and what won’t, what about FASTags, UPI and wallet?

These banks are Axis Bank, HDFC Bank, State Bank of India, YES Bank.

Hindustan Times – your fastest source for breaking news! Read now.

Paytm third party app: What NPCI said?

“YES Bank shall also be acting as merchant acquiring bank for existing and new UPI merchants for OCL. “@Paytm” handle shall be redirected to YES Bank. This will enable existing users and merchants to continue to do UPI transactions and AutoPay mandates in a seamless and uninterrupted manner,” NPCI said in a statement.

The regulator also advised Paytm to complete migration for all existing handles and mandates, wherever required, to new PSP banks at the earliest.

Paytm third party app: What it means for customers

The nod means you can use Paytm app for payments through unified payment interface.

Paytm Payments Bank deadline on March 15

This comes as a number of Paytm services will stop working after March 15 as the Reserve Bank of India (RBI) imposed restrictions imposed on Paytm Payments Bank Ltd (PPBL) citing persistent non-compliance and continued material supervisory concerns on January 31, 2024.

After March 15, PBBL has been barred by RBI from accepting fresh deposits or top-ups.

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