MUMBAI: One97 Communications, which owns Paytm, said that it has received NPCI's approval to start migration of users to new Payment System Provider (PSP) bank handles. Paytm UPI users can now create new VPAs (virtual payment address) with partner PSP banks.
Following NPCI's approval last month to onboard One97 Communications as a Third-Party Application Provider (TPAP) on the multi payment service provider API model, Paytm has expedited the integration with Axis, HDFC, SBI and Yes Bank. "All four banks are now operational on the TPAP, streamlining the process for Paytm to shift user accounts to these PSP banks. The company has started transitioning '@paytm' handles users to these banks, ensuring seamless UPI payments," the company said in a stock exchange filing on Wednesday.
Paytm was earlier using Paytm Payments Bank, an associate entity of One97 Communications, for most of its settlement services. But RBI's move to restrict operations of PPBL necessitated Paytm to migrate its systems to other banks.
"We are committed to grow the UPI ecosystem in partnership with NPCI to every nook & corner of India. Leveraging the robust infrastructure of its banking partners, Paytm ensures uninterrupted and secure UPI payments for both users and merchants through the Paytm app," a spokesperson said.
The stock price of Paytm ended at Rs 391 apiece in the last trading session.
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