· The National Payments Corporation of India (NPCI) has granted approval to One97 Communications Limited (OCL) to engage as a Third-Party Application Provider (TPAP) under the multi-bank model for Unified Payments Interface (UPI).
· Under this arrangement, four banks—Axis Bank, HDFC Bank, State Bank of India, and YES Bank—will serve as Payment System Provider (PSP) banks to OCL.
· Additionally, YES Bank will act as the merchant acquiring bank for both existing and new UPI merchants associated with OCL.
· The NPCI’s circular states that these four banks viz Axis Bank, HDFC Bank, State Bank of India, YES Bank shall act as PSP (Payment System Provider) banks to OCL.
· YES Bank shall also be acting as merchant acquiring bank for existing and new UPI merchants for OCL “@Paytm” handle shall be redirected to YES Bank.
· This will enable existing users and merchants to continue to do UPI transactions and AutoPay mandates in a seamless and uninterrupted manner.
· OCL has been advised to complete migration for all existing handles and mandates, wherever required, to new PSP banks at the earliest.
No Comments