Paytm: Paytm gets necessary approval from NPCI, migration of users with @paytm handle to other banks begins

One97 Communications Limited (OCL), the company that owns the Paytm brand, has received approval from NPCI to migrate users to a new Payment System Provider (PSP) bank handle. Paytm has partnered with Axis Bank, HDFC Bank, State Bank of India (SBI) and Yes Bank after OCL got approval as a Third-Party Application Provider (TPAP) on the Multi Payment Service Provider API model, the company said in a press release. Has accelerated the process of integration with.

Paytm said- migration work has been expedited

One97 Communications Limited (OCL) has received approval from the National Payments Corporation of India (NPCI) to begin user migration to new payment system provider (PSP) bank handles, the company said. All four banks are now operating on TPAP. The process of transferring users’ accounts to these PSP banks is underway for Paytm. According to the release, the company has started migrating ‘@paytm’ handles to these banks, ensuring seamless UPI payments.

What will be the impact on Paytm users?

Once Paytm users are migrated to another partner Payment Service Provider (PSP) bank, users whose existing UPI ID is ‘@paytm’ will be changed to the new UPI ID. This ID can be any of @ptsbi, @pthdfc, @ptaxis and @ptyes.