New Delhi, Mar 14 (UNI) In a relief to Paytm and Paytm Banks Limited, the National Payments Corporation of India (NPCI) today granted approval to One97 Communications Limited (OCL), the parent company of PPBL, to participate in UPI as a Third-Party Application Provider (TPAP) under the multi-bank model.
This will enable existing users and merchants to continue to do UPI transactions and AutoPay mandates in a seamless and uninterrupted manner. OCL has been advised to complete migration for all existing handles and mandates, wherever required, to new PSP banks at the earliest, the company informed Stock Exchanges.
Four banks (Axis Bank, HDFC Bank, State Bank of India, and YES Bank) shall act as PSP (Payment System Provider) banks to OCL. YES Bank shall also be acting as a merchant acquiring bank for existing and new UPI merchants for OCL. “@Paytm” handle shall be redirected to YES Bank.
NPCI is an umbrella organisation for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), Aadhaar Enabled Payment System (AePS), National Electronic Toll Collection (NETC), and Bharat BillPay.
The Reserve Bank of India had imposed restrictions on PPBL due to regulatory violations and had given time till March 15 to all subscribers to make an alternate arrangements.
