With the clearance of the National Payment Corporation of India (NPCI), One97 Communications, the parent company of Paytm, can begin moving consumers from Paytm Payments Bank to the new Payment Service Provider Bank handles.
“A company statement states that the company has begun moving users’ “@paytm” handling to these banks, ensuring smooth UPI payments.” As a third-party application provider on its UPI, Paytm was granted permission by the NPCI on March 14.
After receiving regulatory approval from the Reserve Bank of India, it is re-establishing itself as a TPAP. Since the payments app is unable to use its own @paytm virtual payments address for UPI services, users are being migrated to new UPI handles. Paytm has also been formally awarded TPAP accreditation by the National Payments Corporation of India (NPCI), which permits it to move users to new UPI addresses.
What Effects Do Paytm’s New UPI Handles Have on You?
With partner PSP banks, UPI users who have the previous UPI handle will have new virtual payment addresses, or VPAs. They stated that it has begun to move its user base from “@paytm” to the four PSP banks. With a multi-bank approach, it function as a TPAP. Through its application or a TPAP, a PSP bank registers and onboards users for UPI. Customers’ UPI IDs and bank accounts are linked by it.
Customers can connect with their current bank accounts. This would enable users of the app to send and receive UPI payments straight from their bank accounts. Users will be able to establish virtual payment accounts (VPAs) with the State Bank of India (SBI), Axis Bank, HDFC Bank, and YES Bank.
Also, users will now be switched to new UPI handles that finish in @ptyes, @ptsbi, @pthdfc, and @ptaxis. Users are often allowed to keep their own UPI username. You will be moved to abhishek@ptsbi or any of the four UPI handles listed above, for instance, if your UPI address was abhishek@paytm.
Other features such as purchasing cinema tickets, bill payments, recharges, and LPG cylinder reservations, are unaffected. By connecting an external bank account through the app, users can pay for these services. Nevertheless, Payments Bank and Wallet remain inaccessible.
