Paytm gets regulatory body approval for user migration to new UPI IDs
Paytm owner One97 Communications has received approval from the National Payment Corporation of India to start the user migration from existing Paytm Payments Bank UPI handle to new Payment System Provider bank handles.
company said in an exchange filing that following NPCI’s approval on March 14, 2024, Paytm has expedited the integration with Axis Bank, HDFC Bank, State Bank of India (SBI), and Yes Bank. All the four banks are functioning on a third-party application provider (TPAP) and simplifying the process for Paytm to shift user accounts to these PSP banks.
Consent from users will be taken for using Paytm with a new UPI ID with one of the four banks’ UPI handles. All Paytm users will receive a pop-up notification asking to provide consent for using one of the four handles - @ptsbi, @pthdfc, @ptaxis, and @ptyes.
Prior to this, the customers were using Paytm Payments Bank (PPBL), an affiliate of OCL, as their PSP bank.
Earlier this year, the RBI had barred Paytm Payments Bank from essentially offering all its services due to major regulatory lapses.
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