17 April 2024 — One 97 Communications Limited (OCL), the parent company of Paytm, has begun migrating its UPI users to new Payment System Provider (PSP) bank handles following approval from the National Payments Corporation of India (NPCI).
NPCI Approval and Integration with Banks
NPCI granted approval on March 14 for OCL to become a third-party application provider (TPAP) on the multi-bank model. Paytm swiftly integrated with Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank to expedite the migration process.
Paytm confirmed that all four banks are now operational on the TPAP, enabling a streamlined process for shifting user accounts to these PSP banks.
To ensure uninterrupted UPI payments, Paytm has started transitioning users with ‘@paytm’ handles to the new PSP banks. This move aims to provide users with a seamless payment experience.
Conclusion:
The migration of users to new PSP bank handles marks a significant step for Paytm in enhancing its payment services. With streamlined processes and integration with multiple banks, Paytm is positioned to offer improved UPI payment solutions to its users.
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