18 April 2024 – In early trading on Thursday, April 20, shares of One 97 Communications Ltd, the firm that owns Paytm, increased by more than 3% to INR 404.55 from its previous closing of INR 391.35.
This occurs subsequent to the company’s declaration that it was authorised to transfer consumers to the new Payment System Provider (PSP) bank. Later in the day, however, the shares gave up the majority of their gains. The price of the shares at 12:40 p.m. on Thursday was INR 392.65.
After receiving approval from the National Payment Corporation of India (NPCI), Paytm has begun switching its UPI customers to new PSP bank accounts.
Conclusion
Paytm said in an exchange filing on Wednesday, April 17, that the NPCI approved the user migration on Tuesday. Paytm said that OCL’s acquisition of the TPAP licence from the NPCI last month accelerated the integration with Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank. According to the business, the procedure for Paytm to move customer accounts to these PSP banks has been streamlined since all four banks are now active on the TPAP.
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