Delhi, March 15 (HS). There is good news for Paytm customers. Your Paytm UPI will work as before. The company has given this information to clear the confusion of its consumers. The Reserve Bank of India (RBI) ban will affect only Paytm Payments Bank Limited and not Paytm.Paytm said in a statement issued on ‘X’ post on Friday that now Paytm UPI will work officially. We have received a license from the National Payment Corporation of India (NPCI) to continue providing UPI services as a Third-Party Application Provider (TPAP) under the multi-bank model. However, there will be another big change for Paytm customers. Paytm said users can continue to use the @Paytm handle seamlessly without any changes on their part.
Late last night, NPCI has approved tie-up of four big banks Axis Bank, HDFC Bank, State Bank of India (SBI) and Yes Bank with Paytm. All these will work as payment service providers for Paytm’s parent company One97 Communications. At the same time, Yes Bank has been authorized to act as a bank to acquire existing and new UPI merchants for Paytm. This will benefit crores of people who use UPI service from Paytm.It is noteworthy that Paytm’s UPI transactions were earlier being done through Paytm Payments Bank (PPPBL). PPBL has been banned by the Reserve Bank from accepting deposits, credits or top-ups to any customer account after March 15, 2024. One97 Communications Limited (OCL) holds 49 per cent stake in PPBL, while the company’s founder and CEO Vijay Shekhar Sharma holds 51 per cent stake in PPBL.Hindusthan Samachar/ Indrani Sarkar/Manoj
