Business Update17 Apr 2024, 11:52 pm
Paytm Receives NPCI Approval, Shifts User Accounts to Axis Bank, HDFC, SBI, and YES Bank
AI Summary
Paytm, India's leading payments and financial services company, has received approval from the National Payment Corporation of India (NPCI) to participate in UPI as a Third-Party Application Provider (TPAP) under multibank mode. Following this approval, Paytm has expedited the integration with Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank. All four banks are now operational on the TPAP, enabling seamless UPI payments for Paytm users and merchants.
Key Highlights
- Paytm receives NPCI approval for TPAP under multibank mode
- Integration with Axis Bank, HDFC Bank, SBI, and YES Bank now complete
- Four banks (Axis Bank, HDFC, SBI, and Yes Bank) operational on TPAP
- User migration to new Payment System Provider (PSP) bank handles begins immediately
- Seamless UPI payments ensured for both users and merchants through the Paytm app