NPCI (National Payments Corporation of India) recently granted permission to One97 Communications, the parent company of Paytm, to transition its users to new banks for UPI payments. Earlier in March, NPCI had also authorised OCL to function as a Third-Party Application Provider (TPAP) within a multi-bank model. With this approval from the regulator, Paytm is now able to provide UPI services in collaboration with partner banks.
According to the Paytm press release issued last week, “Following NPCI’s approval on March 14, 2024, to onboard OCL as a Third-Party Application Provider (TPAP) on the Multi Payment Service Provider API Model, Paytm has expedited the integration with Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank. All four banks are operational on the TPAP, streamlining the process for Paytm to shift user accounts to these PSP banks.”
The company has commenced the process of migrating users with the ‘@paytm’ UPI handle to these banks, facilitating smooth UPI transactions. Certain Paytm UPI users have already begun receiving “Important UPI alerts” within the app, encouraging them to transition to the UPI handles associated with one of the four banks. If you’re a Paytm UPI user as well, follow the steps outlined below to update your UPI ID.
Steps to Create UPI Account on Paytm
According to the Paytm press release issued last week, “Following NPCI’s approval on March 14, 2024, to onboard OCL as a Third-Party Application Provider (TPAP) on the Multi Payment Service Provider API Model, Paytm has expedited the integration with Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank. All four banks are operational on the TPAP, streamlining the process for Paytm to shift user accounts to these PSP banks.”
The company has commenced the process of migrating users with the ‘@paytm’ UPI handle to these banks, facilitating smooth UPI transactions. Certain Paytm UPI users have already begun receiving “Important UPI alerts” within the app, encouraging them to transition to the UPI handles associated with one of the four banks. If you’re a Paytm UPI user as well, follow the steps outlined below to update your UPI ID.
Steps to Create UPI Account on Paytm
– Firstly, install the Paytm UPI mobile payment app.
– Enter your mobile number. If you’re using a dual SIM phone, select the SIM slot associated with your mobile number.
– Now, verify your mobile number by sending an SMS from your device.
– After this, choose your bank from the provided list and ensure it corresponds with the mobile number registered with your bank. Your bank account details will then be retrieved.
– If you’re linking your bank for the first time, create a UPI PIN. You’ll require your debit card details for this step.
– Your bank account is successfully linked through UPI, and you’re all set to initiate your first payment.