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.
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.
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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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