Paytm has successfully obtained the necessary approvals from regulatory bodies to transition its UPI users to new Payment System Provider (PSP) bank handles. The company disclosed this development in a filing with the stock exchange, stating that the National Payments Corporation of India (NPCI) has granted approvals to One 97 Communications Limited (OCL), the parent company of Paytm. This move comes as a significant step forward for Paytms UPI services.Approval and Integration with BanksIn response to NPCIs approval on March 14, 2024, designating OCL as a Third-Party Application Provider (TPAP) on the Multi Payment Service Provider API Model, Paytm swiftly proceeded with the integration process. The fintech giant announced that it has accelerated its integration efforts with Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank. These banks are now operational on the TPAP platform, facilitating the seamless migration of user accounts from Paytm to these PSP banks.The Transition ProcessThe company has begun transitioning its @paytm users to these designated banks, ensuring uninterrupted UPI payments. This transition not only meets regulatory requirements but also enhances the efficiency and reliability of Paytms UPI services. A Paytm spokesperson emphasized the companys commitment to expanding the UPI ecosystem across India in collaboration with NPCI.Continued Compliance and CommunicationPaytm has communicated this approval and ongoing transition process to the stock exchanges, ensuring transparency and compliance with regulatory standards. This approval allows existing users and merchants to continue UPI transactions and AutoPay mandates without disruptions. The companys communication with stock exchanges serves as a continuation of its commitment to regulatory compliance and uninterrupted service provision to its users and stakeholders.
