Good News for Paytm users! UPI payments will not be stopped, got third party app license from NPCI

Paytm Latest Update: NPCI has approved Paytm’s parent company One97 Communications Limited as a third party application provider for UPI. National Payments Corporation of India has given license to Paytm for UPI payments as a Third Party Application Provider i.e. TPAP under the multi-bank model.

Paytm News : Before the deadline of March 15, Paytm has got a big relief. Paytm got good news from NPCI. NPCI has given green signal to Paytm’s parent company One97 Communications Limited (OCL) as a third party application provider for UPI. National Payments Corporation of India (NPCI) has given this approval to provide UPI services as a Third-Party Application Provider (TPAP) under the multi-bank model. For this, four banks will work as Paytm’s partner banks i.e. Payment System Provider (PSP).

Relief to Paytm users

Paytm users will get the benefit of the green signal from NPCI. One97 Communication Limited has received the license of UPI as a third party application provider. This means that now Paytm users and merchants will be able to continue UPI transactions from the Paytm app without any interruption. This is a big relief news for Paytm before the RBI deadline of 15th March. Now Paytm’s UPI service will continue with the help of four banks.

Joined hands with these four banks

Paytm has joined hands with four banks to continue the UPI service. Paytm has partnered with Axis Bank, HDFC Bank, State Bank of India, Yes Bank for third party applications. Paytm’s UPI service will continue with these banks. These four banks will work as PSP (Payment System Provider) of Paytm. According to NPCI, Yes Bank will act as the acquiring bank for existing and new UPI merchants for One97 communication . @Paytm handles will be redirected to Yes Bank. NPCI has asked Paytm to migrate all its existing handles and mandates to the new PSP banks as soon as possible.

Let us tell you that on January 31, the Reserve Bank of India had ordered to ban most of the services of Paytm Payment Bank. RBI’s deadline is ending on March 15. RBI had shown strictness and said that if Paytm wants to continue its UPI service then it will have to link it with some other bank. For this, Paytm has now got license from NPCI. Paytm has signed agreements with four banks.