Paytm owner One97 Communications (OCL) on Tuesday received approval from the National Payment Corporation of India (NPCI) to start the user migration from existing Paytm Payments Bank UPI handle to new Payment System Provider (PSP) bank handles.
“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,” the company said in an exchange filing. It added that all four banks are now operational on the TPAP, streamlining the process for Paytm to shift user accounts to these PSP banks.
Users will now be asked for consent for using Paytm with a new UPI ID with one of the four banks’ UPI handles.
Earlier this year, the RBI had barred Paytm Payments Bank from essentially offering all its services due to major regulatory lapses.