- Paytm authorized to migrate users to Axis Bank, HDFC Bank, SBI, YES Bank for UPI payments, ensuring seamless transition with new UPI IDs for uninterrupted transactions.
- Paytm’s parent company, One 97 Communications (OCL), has been authorized by the National Payments Corporation of India (NPCI) to migrate users to new banks for UPI payments.
- This follows NPCI’s approval in March for OCL to operate as a Third-Party Application Provider (TPAP) under a multi-bank model.
- NPCI’s approval allows Paytm to continue offering UPI services through these partner banks.
- This new arrangement is necessary due to previous restrictions imposed on Paytm Payments Bank. The company plans to leverage its new banking partners’ strong infrastructure to guarantee secure UPI transactions..
Banks to which Paytm can migrate its customers to
- Paytm will be migrating users from its own Paytm Payments Bank accounts with four major banks viz Axis Bank, HDFC, State Bank of India (SBI) and YES Bank.
What this transition means for Paytm users
- Paytm assures users of a seamless transition with continued access to UPI Payments and AutoPay mandates.
- The company leverages the robust infrastructure of its new banking partners to secure UPI transactions.
- Once a PayTM has been migrated to another partner payment service provider bank, then the present UPI ID with ‘@paytm’ of these users will change to a new UPI ID with any of the four IDs: @ptsbi, @pthdfc, @ptaxis and @ptyes.
- The Transition is aimed to ensure uninterrupted UPI transactions for both users and merchants. Users with “@paytm” handles will be the first ones migrated.
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