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News on Medial
As RBI deadline nears, Paytm and Axis Bank to jointly submit TPAP application with NPCI this week: Report
IndianStartupNews
·
1y ago
Medial
Fintech giant Paytm and Axis Bank are applying to become third-party application providers for the Unified Payments Interface (UPI) platform in India. This move comes after the Reserve Bank of India directed Paytm to seek partnerships with banks to sustain its UPI operations due to restrictions placed on its payments bank, PPBL. Paytm is also in discussions with other banks, including Yes Bank, HDFC Bank, ICICI Bank, and Canara Bank, to secure partnerships. The aim is to ensure that Paytm's 90 million UPI users do not face disruptions in service.
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HDFC, Yes Bank submit application for Paytm UPI business: Report
Inshorts
·
1y ago
Medial
Paytm-parent One97 Communications, HDFC Bank and Yes Bank have jointly applied to be a third-party application provider (TPAP) with NPCI for UPI transactions, Moneycontrol reported. Paytm has reportedly already submitted a similar application with Axis Bank and is in talks with Canara Bank and ICICI Bank for a TPAP partnership. This comes after RBI's curbs on Paytm Payments Bank.
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Paytm Gets NPCI Nod To Become A Third-Party Application Provider
Inc42
·
1y ago
Medial
One97 Communications, the parent company of Paytm, has obtained a Third-Party Application Provider (TPAP) license from the National Payments Corporation of India (NPCI). This comes just before the deadline for Reserve Bank of India's (RBI) curbs on Paytm Payments Bank. With the license, Paytm can now operate UPI services under a multi-bank model, with Axis Bank, HDFC Bank, State Bank of India, and Yes Bank acting as payment system provider banks. The NPCI has advised Paytm to migrate existing handles and mandates to the new PSP banks at the earliest.
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RBI Directs NPCI To Examine Paytm’s Request For Becoming A Third-Party App Provider For UPI
Inc42
·
1y ago
Medial
The Reserve Bank of India (RBI) has advised the National Payments Corporation of India (NPCI) to consider Paytm's request to become a third-party application provider for UPI payments. The RBI directive aims to ensure seamless digital payments and minimize concentration risk in the UPI system. This comes as the deadline approaches for Paytm Payments Bank to implement business restrictions imposed by the RBI, with a deadline set for March 15. NPCI will now evaluate Paytm's request for a TPAP license and make a decision accordingly.
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SBI partners with Sharma's Paytm for its UPI business: Report
IndianStartupNews
·
1y ago
Medial
Paytm Payments Bank Limited (PPBL) has been given a March 15 deadline by the Reserve Bank of India (RBI) to cease operations. In response, Paytm's parent company, One97 Communications, is seeking partnerships with major banks, including State Bank of India (SBI), to continue its Unified Payments Interface (UPI) business. Paytm has shifted its nodal accounts to Axis Bank to settle UPI payments and is awaiting a third-party application provider (TPAP) license from the National Payments Corporation of India (NPCI) to continue offering UPI services. Despite the challenges, Paytm remains a key player in India's digital payment landscape.
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Paytm Likely To Get Third-Part App Provider Licence From NPCI By March 15
Inc42
·
1y ago
Medial
Paytm is expected to receive the third-party application provider (TPAP) license from the National Payments Corporation of India (NPCI) by March 15. The TPAP license would allow Paytm to continue offering Unified Payments Interface (UPI) services to its app users. The approval is expected before the Reserve Bank of India's restrictions on Paytm Payments Bank take effect on the same date. Paytm applied for the TPAP license in partnership with Axis Bank and Yes Bank. Shares of Paytm have dropped over 50% following the RBI's action on Paytm Payments Bank.
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RBI moves to ensure continuity of UPI payments on Paytm
VCCircle
·
1y ago
Medial
The Reserve Bank of India (RBI) has asked the National Payments Corporation of India (NPCI) to consider Paytm's request to become a third-party application provider (TPAP) for the country's Unified Payments Interface (UPI). If approved, Paytm would require a group of banks to support its app for processing UPI payments. The RBI stated that the NPCI should bring in four to five banks capable of processing high volumes of UPI payments to serve as service providers for Paytm. The move by RBI aims to ensure the continuity of UPI payments on Paytm.
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RBI asks NPCI to review Paytm’s application for third party application provider
Livemint
·
1y ago
Medial
The Reserve Bank of India (RBI) has implemented additional measures to ensure uninterrupted digital payments for users of the @paytm handle operated by Paytm Payments Bank. The RBI has instructed the National Payments Corporation of India (NPCI) to review One97 Communication's (OCL) request to become a third party application provider (TPAP) for the UPI channel on the Paytm app. This is to ensure that existing users are migrated smoothly to new handles and to avoid disruptions in services. The RBI has also directed NPCI to certify several banks capable of handling high volume UPI transactions to partner with Paytm and mitigate concentration risk.
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RBI allows Paytm to migrate UPI payment business to other banks
Economic Times
·
1y ago
Medial
The Reserve Bank of India (RBI) has approved the transfer of Paytm's UPI-based payments business from Paytm Payments Bank to four to five other banks. Paytm has been asked to stop onboarding new users until the migration is complete. The RBI has also asked Paytm to create settlement accounts with one or two banks to ensure merchant payments continue uninterrupted. Paytm is in the process of migrating accounts to Axis Bank. The National Payments Corporation of India (NPCI) has been asked to consider Paytm's request to become a Third-Party Application Provider (TPAP) for UPI operations. Several major banks, including HDFC Bank, Axis Bank, Yes Bank, and ICICI Bank, are expected to become payment service provider banks for Paytm. The clarification from the RBI will allow banks to enter the Paytm business. Additionally, banks may require fresh Know Your Customer (KYC) details from merchants to prevent fraudulent activities. The RBI directive puts Paytm on the same footing as competitors such as Google Pay, Amazon Pay, and PhonePe, who offer UPI-based payment services.
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Paytm, Axis Bank To Submit TPAP Application With NPCI For UPI Biz
Inc42
·
1y ago
Medial
Paytm is seeking bank partnerships to support its UPI business as part of its response to RBI's restrictions on Paytm Payments Bank. They are set to jointly apply with Axis Bank to be a third-party application provider with NPCI for UPI on the mobile platform. Other banks like Yes Bank, HDFC Bank, ICICI Bank, and Canara Bank are also being considered. Paytm currently has around 90 million UPI users on its platform.
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Paytm May Tap HDFC Bank As Third Merchant Acquiring Partner
Inc42
·
1y ago
Medial
Paytm has secured a Third-Party Application Provider (TPAP) license from the National Payments Corporation of India (NPCI) and is looking to partner with HDFC Bank as a payment service provider (PSP). Axis Bank and Yes Bank have already begun operating on the Paytm platform, and discussions are underway with Canara Bank and Kotak Mahindra Bank. The Reserve Bank of India has imposed restrictions on Paytm Payments Bank, limiting its services, but allowing businesses and UPI users to continue using Paytm's payment features.
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