Mumbai: The National Payments Corporation of India (NPCI) has granted approval to One97 Communications Limited (OCL) the parent of Paytm to participate in UPI as a Third-Party Application Provider (TPAP) under the multi-bank model. Four banks (Axis Bank, HDFC Bank, State Bank of India, YES Bank) shall act as PSP (Payment System Provider) banks to OCL. YES Bank shall also be acting as merchant acquiring bank for existing and new UPI merchants for OCL.
“@Paytm” handle shall be redirected to YES Bank. 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, said NPCI in a statement.
A TPAP or Third-Party Application Provider facilitates UPI-based payment transactions via mobile wallets, merchant apps, or any other platform that utilises UPI for payments. A TPAP approval is mandatory to provide UPI-based payment transactions to customers.
